2.50% 18-Month CD at Appalachian Community Bank in Georgia - Nationally Available

POSTED ON TUESDAY, JUNE 30, 2009 BY Ken Tumin

Appalachian Community Bank is offering a 2.50% APY 18-month CD. They also have other terms, but they're not quite as competitive. These include a 1.55% APY 6-month CD and a 2.15% APY 12-month CD. Minimum deposit for the 12- and 18-month CD is $5,000. These rates are listed in the Online Accounts page as of 6/30/09.

These CDs can be opened online, and according to the bank's CSR, out-of-state deposits are accepted. The online application starts here and as you step through the pages, the bank provides several details of their CDs. You have a choice to submit the form online or to print and mail it. Some details mentioned in the Truth in Savings page include:

Interest will be compounded daily and credited to your account monthly
Early withdrawal penalty equals 3 months of interest on amount withdrawn
10-day grace period at maturity

The form is a PDF document with a submit button for online submission and a print button for mailing the form. On this form, it states that "If we do not receive funds to open the deposit account within 5 business days after the date you submit your application, we may change the rate at which we can open your account." For funding the account, the form has options for wire transfer, electronic funds transfer (ACH), and mailing a check.

The bank is headquartered in Georgia with branches in Georgia, North Carolina and Tennessee.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 3/31/09 data) and 1 star (lowest) at Bankrate.com (based on 12/31/08 data). The bank has been an FDIC member since 1995 (FDIC Certificate # 33989).

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