2.10% 15-Month CD at Bank of Fayetteville in AR


Update 4/17/10: I recently checked with the bank, and according to the CSR, this CD is now only available to local residents.

Bank of Fayetteville is offering a special 15-month CD with a 2.10% APY. Minimum deposit is $500. This rate is listed at the bank's rates page as of 12/22/09. The CD also has a step-up option.

According to the bank's service rep, you can open a CD online. The "Open an Account" link is on the left sidebar of the rates page under the "Quick Links" tab. I was told once you submit the application, a new-account rep will contact you.

The bank also offers a nationwide reward checking account that currently pays 3.20% APY for balances of up to $50K. It had recently been 3.50% APY, and when I first reported on this account in February 2008, it had a 5.01% APY (see my account review).

The bank has 9 offices in Fayetteville, Farmington, Prairie Grove and West Fork, Arkansas.

The bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at Bankrate.com (based on 6/30/09 data) and 3 stars (adequate) at BauerFinancial (based on 9/30/09 data). It has been a FDIC member since (FDIC Certificate # 26975).

Other Competitive Certificate of Deposit Rates

High-Yield Reward Checking Account at an Arkansas Bank (The Bank of Fayetteville)

Update 12/07/10: The top yield has fallen to 2.25% APY. See bottom of the post for the rate history.

The Bank of Fayetteville is offering a reward checking account called Smart Checking. It pays 2.25% APY on balances up to $25,000 (0.15% for above) and refunds ATM fees nationwide (up to $25 per month) if the following monthly requirements are met: 1) 10 check card transactions, 2) one direct deposit or ACH electronic payment, 3) receive an E-statement, and 4) sign on to online banking. If these are not met, the...

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