UPDATE 3/28/2016: Pinnacle Bank no longer accepts out-of-state applications.
Pinnacle Bank (Arizona) has welcomed Spring by raising the rates on all of its CDs, with the 1-year CD (1.50% APY), 18-month CD (1.75% APY), and 2-year CD (2.00% APY) being the most competitive. The minimum deposit of any of these CDs is $1k, with no balance cap.
All of Pinnacle Bank’s CDs are available as IRAs (Traditional) earning the same APYs, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) for CDs with terms of 12 months or less is 3 months interest; CDs with terms of 18 months or greater carry an EWP of 6 months interest.
Headquartered in Scottsdale, Pinnacle Bank is a business-oriented institution serving small businesses and the general community in the Phoenix and Scottsdale areas, including the Camelback corridor.
In a phone conversation today with a very helpful Branch Manager, I confirmed that Pinnacle Bank will open CDs for out-of-state customers via snail mail, with signatures notarized in accordance with the Patriot Act. The Branch Manager also emailed me a preliminary worksheet that "captures the Account Signer’s Identifying Information." The completed worksheet, along with copies of photo ID and a secondary ID, is then returned to Pinnacle Bank to initiate the opening of the CD.
If you prefer a brick-and-mortar experience, a CD can be opened at either of two Arizona branches located in Scottsdale and Phoenix. Currently, Pinnacle Bank’s online banking platform is limited to account management and bill payment services.
Pinnacle Bank (FDIC Certificate # 58186) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.73% (excellent) based on December 31, 2015 data. In the past year, Pinnacle Bank has increased its total deposits by $25.34 Million, an excellent annual growth rate of 22.56%. Please refer to our financial overview of Pinnacle Bank for more details.
Established in 2005, Pinnacle Bank was formed by local business leaders who own and manage their businesses in Arizona’s Valley of the Sun. Backed by over 275 shareholders (primarily local) that represent a cross section of the business community, Pinnacle Bank has grown in ten years to become the 11th largest bank in Arizona, with assets in excess of $159 Million.
How the CDs Compare
When compared to the 138 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Pinnacle Bank’s 1-Year CD currently ranks first.
When compared to the 104 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Pinnacle Bank’s 18-Month CD currently ranks first.
When compared to the 132 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Pinnacle Bank’s 2-Year CD currently ranks first.
The above rates are accurate as of 3/24/2016.