Spencer Savings Bank is offering a competitive 3.25% APY 49-month IRA CD. Unfortunately, it's not available as a regular CD. Minimum deposit is $500. This rate is listed at the bank's IRA rates page as of 2/16/2010. This same rate is also listed in the Coverdell Education Savers rate table.
One flexible IRA CD feature mentioned in this bank's page includes:
One term change is allowed per year for customers over age 59 1/2 years of age without penalty.
I'm not sure exactly what this means. It sounds like you are allowed to change to a shorter or longer term CD. Changing to a short-term CD could come in handy if rates go up.
There's an online application but it states that you have to visit a branch with two forms of ID to complete the application. Branches are located in 18 Northern New Jersey cities.
The bank's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1939 (FDIC Certificate # 30076).