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High Rates on Long Term CDs at Intervest National Bank


Intervest National Bank has some very competitive rates on its long term CDs. The yields range from 5.50% APY for a 5 year term to 5.55% APY for a 10 year term.

The details of these certificate of deposit can be found in the account disclosure. One important consideration is the early withdrawal penalty which is more severe than typical CDs. For accounts of more than one year the penalty equals half of the interest for the entire term of the CD. If this penalty is greater than the interest you have earned, the penalty will eat into the principal. So for a 10 year CD, that's a 5-year interest penalty.

Instructions for opening accounts are located here. The application must be printed. It can be mailed or faxed. If you want to be sure to lock in a CD rate, you may want to fax it in and do a wire transfer. They do charge for incoming wire transfers ($10). Also on this page is a link to a form for appointing beneficiaries. The form allows up to 4 beneficiaries.

You can also vist one of their branches in New York or Florida to open an account. The bank has been FDIC insured since 1999 (FDIC Certificate # 35011).

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David (anonymous)   |     |   Comment #1
I was unable to talk to a CSR when calling. I kept getting a recording that they were to busy and I should leave a message!! This is unacceptable behavior from my standpoint! Hire more employess if you are that busy!!
Anonymous   |     |   Comment #2
I had the same problem. I think that's New York attitude!