2.05% 30-Month No-Penalty CD at Superior Bank in St. Louis - Local Only


Update 2/22/10: The 2.20% 30-month CD yield didn't last long. The bank cut the rate after this post was first published to 2.05% APY.

Superior Bank is offering no-penalty CDs with some competitive rates. The highest rate is 2.05% APY for a 30-month term. Lower rates are available for shorter terms, but I'm not sure why you would go for a shorter term when there's no penalty for early closure. Minimum deposit is $1,000, and the maximum is $250,000. The only penalty mentioned is if the account is closed within the first 30 days of the term. These rates are listed in the bank's rates page as of 2/22/2010.

It appears that a branch visit is required to open an account. The bank's office is located in Hazelwood, Missouri which is in the suburbs of St. Louis.

The bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at Bankrate.com and 2 stars (problematic) at BauerFinancial. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 2004 (FDIC Certificate # 57884).

Anonymous   |     |   Comment #1
Now at 2.05% for 30 months.  Finally a local bank and they do a bail-out on the first day that their rates are posted.