The bank also has a good deal on its WealthBuilder Savings Account. This is a tiered rate account with a 2.25% APY for balances over $25K. Under $25K, the rate falls to 1.50% APY. It appears this 2.25% APY is scheduled to last through 2009. The small print states "The higher promotional interest rate tier on the WealthBuilder Savings expires 12/31/09." According to the savings account page, there's a $25 monthly maintenance fee if balance falls below $2,500. Another downside is that you're limited to only one free withdrawal per month. Additional withdrawals are charged $20 each up to 6 per month. There are no limits on the deposits.
These rates are listed at the bank's deposit rates page as of 6/17/09.
It appears a branch visit is required to open an account. Branches are located in Monona and Cottage Grove, Wisconsin which are in the suburbs of Madison.
Monona State Bank has decent ratings for safety and soundness: 3 stars (performing) at Bankrate.com (based on 12/31/08 data) and 4 stars (excellent) at BauerFinancial (based on 3/31/09 data). The bank has been a FDIC member since 1991 (FDIC Certificate # 33458).
Thanks to the reader who emailed me the newspaper scan of this CD promotion.
Other High-Yield Savings Accounts and CDs