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Zions Bank

3.80% 12-Month / 3.60% 6-Month Online CD at Zions Bank


Update 9/13/08: The CD rates have changed, and there are new links to these account pages: 6-month CD link and the 1-year CD link.

Zions Bank has just recently started offering Online CDs, and the rates are fairly competitive: 3.60% APY 6-month and 3.80% APY 12-month. The minimum deposit is $1,000.

There's an online application, and people in any state can apply. However, Zions still hasn't perfected electronic transfers. I called, and according to the CSR, electronic funding is limited to only $1,100. If your deposit is over this, they'll email you a Fedex label which you can use to mail in the check. The email will include a timeframe of 10 days for them to receive the check. The rate is locked during this time. There's also the option of a wire transfer, but they charge $10 for incoming domestic wire transfers.

If you choose to close the CD at maturity, the CSR said you can either choose to have the check mailed to you (free for standard mail) or you can have it wire transfered ($15 for outbound domestic).

Zions Bank has long been offering competitive rates on its Deseret Money Market Account (see post). The current yield is 3.31% APY for balances over $2,500. But like these CDs, this money market account lacks a good ACH transfer system.

Zions Bank has been known as a solid bank with good customer service. However, it has slipped a little on its financial ratings. It has a 3.5 star rating (good) at BauerFinancial based on 3/31/08 data. The bank has been FDIC insured since 1934 (FDIC Certificate # 2270). It has 155 branches in Utah and Idaho with over 2,600 employees.

Thanks to the reader who mentioned these CDs in the finding-the-best-deals post.

Related Pages: CD rates, Zions Bank, Salt Lake City

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tresho (anonymous)   |     |   Comment #1
I've gotten around the ACH limitations at Zions Bank by linking my Zions Bank account to my accounts at other banks which have better ACH workability, among them Countrywide Bank & GMAC Bank.
gary (anonymous)   |     |   Comment #2
Just got an email notice from Zions last night that they are raising their rate on the Deseret account to 3.53%. Still requires a min $2.5K to get rate. After that, all tiers are the same.