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3.85% 12-Month / 4.05% 24-Month CD at Greystone Bank - Available Nationwide


Greystone Bank is offering competitive certificate of deposit rates on mininum deposits of $50,000. The CD rates include a 3.85% APY for a 12-month term and 4.05% APY for a 24-month term. Below is a list of all of the terms and rates:

CD Yields as of 6/18/2008

Term APY
6 month 3.50%
1 year 3.85%
18 month 3.90%
2 year 4.05%
3 year 4.20%
4 year 4.40%
5 year 4.50%

Interest is compounded daily and paid quarterly. It can be paid out or capitalized back into the principal. The maximum early withdrawal penalty is 90 days of interest. The grace period at maturity of the CD is 10 days.

I just called their toll-free number, and the CSR said these are available to people in any state via their online application. There's also a form that you can print and mail in. I was told that after you apply, they'll contact you to arrange funding. They accept funding by check or wire transfer. When the CD matures, you can close the CD and receive the funds via wire transfer. I was told they don't charge for either inbound or outbound wire transfers.

I last reported on this bank in February 2007 when it was offering a 5.55% 12-month CD.

The bank is located in Raleigh, North Carolina. It's a rather new bank that was just established in 2005. BauerFinancial gives the bank 3 stars (adequate) based on 3/31/08 data. It's a member FDIC (FDIC Certificte # 58094). The bank is small. According to the FDIC data as of 3/31/08, it only has 7 employees and total assets of 274.2 million.

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