Providence Bank (NC) recently raised the rate on its 18-month CD (1.20% APY). The minimum opening deposit is $1K and there is no maximum balance cap. According to CSR, the Early Withdrawal Penalty is six months interest.
Providence Bank describes its 18-month CD this way:
Tired of waiting on a good rate? 18-month CD 1.20% APY - A rate that will flip you over!
Headquartered in Rocky Mount, Providence Bank’s market area is eastern North Carolina, including the Raleigh-Durham area.
Opening any account at Providence Bank requires an in-person visit to the any of the four branches located in Nashville, Rocky Mount (2), and Tarboro.
While Providence Bank does have online banking capabilities, it is currently limited to account management and bill payment.
Providence Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 10.32% (excellent), based on December 31, 2014 data. In the past year, Providence Bank increased its total deposits by $21.68 Million, an excellent annual growth rate of 11.91%. Please refer to our financial overview of Providence Bank for more details.
Providence Bank (FDIC Certificate # 58239) is a relatively young bank, having been established in 2006. In the past two years, Providence Bank has opened two new branches (Nashville and Tarboro), expanding the Bank’s primary market area to a 30-mile radius. In the September 2014 letter to the Bank’s stockholders, John Barker, President and CEO, stated,
During the coming months, the Bank's goal is to examine other potential branch areas whích would complement our existing business platform.
In the past nine years, Providence Bank grown to become the 43rd largest bank in North Carolina, with $237 Million in assets.
How the CD Compares
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to North Carolina residents, Providence Bank’s 18-month CD is currently 7th in the list that ranges from 1.65% APY (Quorum Federal Credit Union) to 1.20% APY (Providence Bank).
The above rates are accurate as of 3/13/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.