2.30% 24-Month CD at Main Street Bank - Available Nationwide


Update 12/05/09: The 24-month CD rate has fallen to 2.20% APY. Please check the bank's website for the latest rates.

Main Street Bank is offering some competitive CD rates. The most competitive, which may be hard to believe, is the 24-month CD which has a 2.30% APY. Minimum deposit is $10,000. This rate is listed on the bank's front page as of 12/01/09.

If this were a local deal, I probably would not have mentioned it. However, it's available nationwide. I confirmed this yesterday with the bank's CSR. Here are some additional CD details from the CSR and from the application:
  • The "open account" link points to a PDF application which must be either mailed or faxed
  • You can fund the CD by mailing a check with the application or by an ACH transfer
  • CD rate doesn't lock until they receive the application. CSR said you can add a note on the application to have them call you if the CD rate drops.
  • Application has fields for two POD beneficiaries
  • Option to pay monthly interest via ACH
  • Early withdrawal penalty is 6 months of interest for terms greater than 12 months
  • 10 day grace period at maturity
  • At maturity you have the option to receive the funds by ACH according to the CSR
  • CD rates listed on the website are only available for web customers
Main Street Bank is a small bank with four offices near Houston, Texas. It has $427 million in assets and $360 in deposits based on 9/30/09 FDIC data.

The bank does seem financially healthy which was another reason I reported on this lackluster deal. Its ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1984 (FDIC Certificate # 24979).

Other Competitive Certificate of Deposit Rates
Related Pages: CD rates

5.50% 18-Month / 5.50% 60-Month CD at a Texas Bank (Main Street)
Main Street Bank is offering 5.50% APY certificate of deposit on all terms from 18 to 60 months. The minimum deposit is $1,000, and the maximum is $95,000 (see rate table).

Branches are located in Kingwood and Cleveland, Texas which are just north of Houston. The bank is FDIC insured (FDIC Certificate # 24979).

Continue Reading

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.