For a limited time, SouthEast Bank is offering a nationally available 12-month Online Step Up CD, which earns 2.81% APY. The Step Up feature is a one-time rate increase any time during the 12-month CD term, should rates increase. The minimum opening deposit is $1k, with no stated balance cap.
While the APY isn’t outstanding, the Online Step Up CD does mark Tennessee-based SouthEast Bank’s foray into the nationwide online market area.
SouthEast Bank’s Early Withdrawal Penalty (EWP) is unique in that it’s based on when the withdrawal is made, rather than simply on the CD term-length.
- Within 0-12 months of opening – one month EWP
- Within 13-35 months of opening – three months EWP
- Within 36-60 months of opening – six months EWP
Funding the 12-month Online Step Up CD can be done by ACH, wire, or check. Maturing funds can be distributed by cashier’s check or wire.
Headquartered in Farragut, Tennessee, SouthEast Bank’s physical market area is East and Middle Tennessee, stretching from the Kentucky border to the Alabama border.
SouthEast Bank is entering the country-wide internet market place by offering the 12-month Online Step Up CD on a national basis.
Opening the Online Step Up CD can be done online (obviously), but also at any of 14 Tennessee branches, located in Athens, Chattanooga, Cleveland, Cookeville (2), Dayton, Decatur, Farragut, Jamestown, Knoxville (2), Lenoir City, Ooltewah, and Spring City.
Our online 12 month Step Up CD is available through the above link or at your local branch.
SouthEast Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.70% (excellent), based on March 31, 2019 data. In the past year, SouthEast Bank has increased its total non-brokered deposits by $175.4 million, an excellent annual growth rate of 18.72%. Please refer to our financial overview of SouthEast Bank (FDIC Certificate # 57348) for more details.
SouthEast Bank opened its doors in 2002 and was originally known as SouthEast Bank & Trust. Currently the eleventh largest bank in Tennessee, SouthEast Bank has assets in excess of $1.6 billion. The Bank has established the SouthEast Bank Financial Scholars Program, which offers,
a financial literacy program to local students at no cost to the schools or the taxpayer. The web-based program uses the latest in new media technology – simulations, avatars, gaming, and adaptive-pathing – to bring complex financial concepts to life for today’s digital generation. The high school course offers over six hours of programming with 10 units in a variety of financial topics including credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401(k)s and other critical concepts that map to national financial literacy standards.
Since the Financial Scholars Program began, more than 130,000 financial literary lessons have been completed by 22,196 students in 75 Tennessee schools.
How the Online Step Up CD Compares
When compared to 207 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are nationally available, SouthEast Bank’s 12-month Online Step Up CD APY currently ranks fifth.
The above rates are accurate as of 6/7/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.