Patriot Bank is offering a special 5-year CD with a 3.50% APY. Minimum deposit is $1,000, and the maximum is $100,000. New money is required. There's also a step-up feature in which you are allowed a one-time rate increase to the current Patriot Bank rate for a matching term once after two years from the issue date. This rate is listed at the bank's special offers page as of 1/24/2010.
Step-up CDs may help to provide some protection against rising interest rates. However, if the bank doesn't keep their 5-year CDs competitive in the future, the feature may not be useful.
Based on past reports from this bank, a branch visit is likely to be required. Branches are located in the Texas cities of Dallas, Houston, Friendswood, Allen, Honey Grove and Mesquite.
Patriot Bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1934 (FDIC Certificate # 3258).