Citizens National Bank has long offered a special 5-year Rising Rate CD. The composite rate is 3.03% APY with a minimum deposit of $1,000. Instead of just one rate that remains constant until maturity, there are 5 separate rates that rise each year. It starts at 1.00% and rises 1.00% each year until it reaches 5% for year 5. The only advantage I can see of having a rising rate feature is that you would pay less taxes in the early years when the rates are low (assuming the bank doesn't average out the interest in the 1099). Nevertheless, a 3.03% APY for a 5-year term is very competitive.
The bank also offers very competitive rates on its standard long-term CDs including a 3.33% APY for 7 years and 3.64% APY for 10 years.
These rates are listed in the bank's rates page as of 4/28/2011.
It appears a branch visit is required to open an account. Citizens National Bank branches are located in Paris and Oakland, Illinois and in Terre Haute, Indiana.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 57.06% (below average) based on December 2010 data. Please refer to our financial overview of Citizens National Bank for more details. The bank has been a FDIC member since 1934 (FDIC Certificate # 3721).
Searching for the Best CD Rates
As a comparison to the highest CD rates available nationwide, only Connexus Credit Union is offering a 3.00% APY for a 5-year term. This requires an active checking account. The second best is still Melrose Credit Union which is offering a 2.93% APY 5-year CD. Rates are accurate as of 4/28/2011.
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.