Update 10/31/09: The 12-month CD rate has gone up! It's now 2.20% APY.
UmbrellaBank raised its 12-month CD rate today to 2.10% APY. Minimum deposit is $1,000. The bank's other CD rates are not quite as competitive. This 2.10% 12-month CD is listed at the bank's CD rates page as of 10/29/09.
UmbrellaBank has an online application that allows funding via an ACH transfer. When I last checked with the bank, I was told that the ACH transfer is not an option when the CD matures. I have the many details about UmbrellaBank CDs in my UmbrellaBank review.
UmbrellaBank is the online banking division of New South Federal Savings Bank, a privately held company based in Alabama. New South FSB is a FDIC member (FDIC certificate # 32276).
New South FSB isn't doing well financially. According to the Birmingham Business Journal:
[New South FSB] got caught up in subprime lending and construction and land development, two of the hardest-hit sectors in the recession. The bank is struggling with more than $247 million in nonperforming loans. It is currently under a cease and desist order issued by the Office of Thrift Supervision, which demands it must raise its capital levels my the end of this month
You can read the OTS's cease and desist order here. As you might expect it has low ratings for safety and soundness: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data.
Other Competitive Certificate of Deposit Rates