3.75% 7-Month CD & 3.85% 13-Month CD at Greater Atlantic Bank in MD & VA
POSTED ON BY Ken Tumin
Greater Atlantic Bank is offering some competitive rates on its CD specials. These include a 3.75% APY 7-month CD, a 3.85% APY 13-month CD and a 3.90% APY 25-month CD. Minimum deposit is $10,000. The bank also is offering special CDs with penalty-free withdrawals. These include a 3.45% APY CD with terms of 5 and 9 months and a 3.50% APY 14-month CD. These rates are listed in the bank's rate table as of 12/30/08.
It appears a branch visit is required to open an account. Branches are located in Reston, Front Royal, New Market and South Riding, Virginia and in Rockville, Maryland.
The bank's ratings for soundness are weak: 1 star (troubled) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 data. The bank has been FDIC insured since 1988 (FDIC Certificate # 32583).
It appears a branch visit is required to open an account. Branches are located in Reston, Front Royal, New Market and South Riding, Virginia and in Rockville, Maryland.
The bank's ratings for soundness are weak: 1 star (troubled) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 data. The bank has been FDIC insured since 1988 (FDIC Certificate # 32583).
http://www.bizjournals.com/washington/stories/2008/12/15/daily47.html
GAB was scheduled to be bought out by a more financially sound competitor, but after GAB suffered major losses this year, the merger agreement was terminated.
I agree that it would be wise to remain below the FDIC coverage limits, as would be true at any bank.
Signed, a real live former depositor of GAB
The people in the branch were very friendly, but there were never any other customers. I truly don't know how they remain in business.