Lincoln National Bank is spreading a little holiday cheer with a special 2.85% APY on its 60-month CD. The minimum deposit is $500, with no stated balance cap. Although there is no end-date specified on the website, this limited-time offer will probably not last much beyond the holidays.
The 60-month CD is also available as an IRA (Traditional), earning the same APY with the same funding requirements.
The grace period to withdraw funds is ten calendar days, after which the CD will be automatically renewed “at the best available rate of interest.” Prior to this week’s 140 bps rate increase, the 60-month CD APY was 1.45%; that previous rate was in effect for 2.5 years.
As stated on the CD page, the Early Withdrawal Penalty (EWP) reads as follows:
The fee imposed will equal half (½) of the applicable term
of interest for a CD with a term of greater than 12 months.
In other words, the EWP for the 60-month CD is the loss of 30 months’ interest.
Headquartered in Hodgenville in central Kentucky, Lincoln National Bank’s primary market area includes LaRue and Nelson Counties, but according to CSR, any Kentucky resident who can “physically come into any of our branches” is welcome to apply for an account.
Opening a CD (or any other type of account) requires an in-person visit to any of six Kentucky branches located in Bardstown (3) and Hodgenville (3).
Lincoln National Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 2.27% (excellent), based on September 30, 2017 data. In the past year, Lincoln National Bank has increased its total non-brokered deposits by $1.99 million, an above average annual growth rate of 0.87%. Please refer to our financial overview of Lincoln National Bank (FDIC Certificate #2750) for more details.
Lincoln National Bank opened its doors in 1930, but its Kentucky roots go all the way back to 1889, when the LaRue County Deposit Bank (aka LaRue Savings) first began serving LaRue County. LaRue Savings converted to a national bank in 1920, becoming LaRue National, which later merged into Farmers National Bank in 1920. On June 30, 1930, Farmers National Bank closed and two days later re-opened as The Lincoln National Bank of Hodgenville. The Bank acquired Kentucky Home Bank in 2015, expanding its market area in Nelson County.
How the CD Compares
When compared to the 196 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents in the Bank’s market area, Lincoln National Bank’s 60-Month CD APY currently ranks first.
The above rates are accurate as of 12/14/2017.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table.