4.00% 4-Year CD and a Competitive Savings Account at Monona State Bank in Wisconsin - Local Only


Monona State Bank has a CD promotion with a special 4.00% APY 48-month CD. Minimum deposit is $1,000. The offer requires you to have an active personal checking account at the time of opening. An active checking account has at least one direct deposit, and/or five or more check/debit transactions monthly. Without the active checking account, the rate falls to 3.00% APY. The special is also available in an IRA.

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.

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