A branch visit is required to open an account. Branches are located in Chicago, Bellwood and Melrose Park, Illinois.
My last post on Pan American Bank was just over a year ago when it was offering a 4.80% 7-month CD. A reader mentioned the following in the comments of that post:
If you want to view the CD online, you must have a checking or savings account. You can't get online access with just a CD account. The Pan American Free Checking account has no monthly service charge and no minimum balance (after $50 minimum opening deposit). That seems to be the best option.
I didn't ask the CSR if this was still the case. If this has changed, please leave a comment. Another commenter mentioned being impressed with the bank's customer service:
I closed my checking and cd account on Saturday. Their service was remarkable. The branch manager offered the best customer service i've seen at a bank. I've opened over 15 accounts the past year and this was by far the best experience. If I didn't need the money, I would have renewed my CD. They will def. be my first choice next time I'm opening a CD.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1995 (FDIC Certificate # 34108).
Thanks to the reader who emailed me news of this special CD.
Other Competitive CD Rates