2.75% 15-Month CD at Acacia Federal Savings Bank - Nationally Available


Update 7/26/09: Rates have fallen. Please check the bank's website for the latest rates.

Acacia Federal Savings Bank is offering a special 15-month CD with a 2.75% APY. Minimum deposit is $500. This rate had been 2.85% just a few hours ago. Acacia also has other competitive rates on its regular CDs including a 3.10% APY 30-month CD and a 3.90% APY 60-month CD. The standard CDs are also available in an IRA. These rates are listed in the bank's rate table as of 3/11/09.

The bank has an online application (Apply Now Link on top left of rates page), and I confirmed with the bank in January that they allow people to open accounts from any state. Initial deposit can be done by check or wire transfer (incoming wires are free). I was told that at maturity, you can call to instruct them to close the CD. They can send you a check for free or do an outgoing wire transfer for $12.

Details of the CDs are described in their Truth-in-Savings document. Long term CDs have higher-than-average early withdrawal penalties: For a term of more than three years, the penalty will be 18 month's interest on the amount withdrawn. For terms of over 1 year to up to 2 years, the penalty is 6 month's interest.

The bank has some fair ratings for soundness: 3.5 stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/08 data.

Acacia Federal Savings is based in Virginia. It has $1.53 billion in assets and $1.03 billion in deposits as of 12/31/08. It has been FDIC insured since 1985 (FDIC Certificate # 32266).

Other Top Certificate of Deposit Rates

The best bank deal for terms around one year continues to be at GMAC Bank with a 2.95% APY 12-month CD (see review). One of the top one-year deals for credit unions continues to be at Alliant Credit Union which is offering a 3.15% APY for terms of 12 to 23 months with a minimum deposit of $25K (see review). Another good deal is at Connexus Credit Union with a special 3.00% APY 11-month CD at Connexus Credit Union. Minimum deposit is only $1,000 (see review). Both Alliant and Connexus make it easy for people in any state to join and apply online.

Refer to my weekly rate summary for other deals. Please note that some rates have already dropped since my Saturday update.
Related Pages: CD rates, IRA rates

  |     |   Comment #1
Just a reminder that GMAC and Alliant are not the only places for a rate of around 3.0% APY for 12 months. Delta Community's 3.0% 12-month CD is still available (2.50% APY for 6 months, 3.15% for 24). Rate sheet has not changed since March 1, https://www.deltacommunitycu.com/Personal/products/dividends.asp, which makes their rates even more competitive as others have rushed to implement reductions, some multiple times since.

Delta's site allows for feedback on the credit union, https://www.deltacommunitycu.com/ratings/reviews.asp?PageURL=%2FPersonal%2Fjoin%2Findex%2Easp. Ditto for their products and even the online app itself.
  |     |   Comment #2
I live close to the HQ office of Acacia Federal. However, you cannot open an account by going to the office. This company does have branch offices. You can apply online or send an application in the mail. Like many of the online banks and other institutions with no branch offices, you cannot go directly and open an account through a CSR. I guess if these types of institutions go under, it will be handled like the situation with Netbank since you cannot form a line at a branch office (I guess you could still go the corporate office building).
  |     |   Comment #3
Error in my previous post. This company DOES NOT have branch offices.
  |     |   Comment #4
To anyone: Help, please...

For a high-yield checking account... how do I (easily) meet this requirement?

* One direct deposit or ACH debit per statement cycle.

PS I would not want to have my paycheck direct deposited in this particular account.
Banking Guy
  |     |   Comment #5
The easiest way is to open an account at GMAC Bank, ETrade Bank or another similar online bank that provides an easy-to-use ACH transfer service. Once you have that online bank account, it's easy to create a link to the reward checking account and initiate monthly ACH debits.
  |     |   Comment #6
Acacia Federal Savings Bank does have a branch office. It is located in falls church, va. You can open an account at this location.

7600 Leesburg Pike, E-200

Falls Church, VA 22043
4.50% 60-Month CD at Acacia Federal Savings Bank - Nationally Available
Update 1/20/09: The CD rates have gone down. Please check the bank's website for the latest rates.

Acacia Federal Savings Bank is offering some competitive CD rates. The rates were just updated today, and unfortunately, they did go down some, but they remain very competitive. Some of the most competitive CDs include a 4.50% APY 60-month CD, a 4.10% APY 48-month CD and a 3.40% APY 15-month special CD. Minimum deposit is $500. The standard CDs are also available in an IRA. These rates are listed in the bank's rate table...

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