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2.75% 12-Month CD & 2.60% 6-Month CD at Colonial Bank in FL, GA, Al, TX & NV


Update 4/21/09: The CD rates have fallen. The 12-month CD rate has been reported to have fallen to 1.75% APY. Please contact Colonial Bank for the latest rates in your area.

Colonial Bank continues to offer competitive rates on its CD specials. The latest special includes a 2.75% APY 12-month CD and a 2.60% APY 6-month CD as of 4/09/09. Minimum deposit is $500. These rates are not listed at Colonial Bank's website. My last post on Colonial Bank's specials was in March, and I just called to see how the rates may have changed. According to the CSR, these new specials just recently came out, so she expected them to last at least another week (but there's no guarantee). These CDs should also be available in an IRA. One nice thing about this CD special is that there's no checking account requirement.

The CSR made it sound like these rates are available at all of Colonial Bank's branches. I recommend calling them at 877-502-2265 to verify the rates in your area. A branch visit is required to open an account. Branches are located in Florida, Texas, Nevada, Georgia and Alabama. A few of the major cities that have branches include Austin, Dallas, Panama City, Orlando, Fort Lauderdale, Miami, Tampa, Fort Myers, Las Vegas, Reno, Birmingham, Montgomery, Macon and Atlanta.

Colonial Bank's ratings for soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 12/31/08 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/08 data). The bank has been FDIC insured since 1934 (FDIC Certificate # 9609).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

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