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3.00% 24-Month CD at SharePlus Federal Bank in CA, TX, IN & KY


SharePlus Federal Bank is offering a competitive 2-year CD with a 3.00% APY. This rate also applies for terms of 30 and 36 months. The rate is 3.25% APY for the longer terms. Shorter terms are not quite as competitive. The only one of note is the 14-month special Encore!CD which has a 2.25% APY. The Encore!CDs have a bump-up feature which allows you to bump up the CD rate once during the term to the prevailing rate for the comparable Encore!CD. For IRAs, the rates are the same for the 30-month, 48-month and 60-month terms. There are no Encore!CDs or 24-month CDs listed as IRAs. These rates are listed at the bank's rate table as of 4/08/09.

According to the CSR, the rates are typically updated on Mondays. I was told that the CD rate should lock when you submit the application online. They'll mail you the signature card and other documents. You can mail the check with the signature card. According to the CSR, you must have a checking account with them to fund a CD with a wire transfer.

This bank has similar eligibility requirements as a credit union. The reason is that it used to be a credit union. According to the bank's history page:
SharePlus Federal Bank became a mutual savings bank on October 1, 2004, after growing as a credit union for nearly 50 years.

Deposit accounts are primarily limited to those who live or work in a county or bordering county where a bank branch is located. Branches are located in Plano, Texas, Louisville, Kentucky and Irvine, California. You can also qualify based on your employer. Please refer to the bank's About Page for more details.

The bank has an online new-account application, and in the first page of the application, there's a list of counties that you can select in the eligibility section. Counties include:
  • California: Los Angeles, Orange, Riverside, San Bernardino, San Diego
  • Indiana: Clark
  • Kentucky: Bullitt, Floyd, Hardin, Harrison, Jefferson, Oldham, Shelby, Spencer
  • Texas: Collin, Dallas, Denton, Ellis, Fannin, Grayson, Hunt, Kaufman, Rockwall, Tarrant
The list also includes counties in Florida, however, they recently closed their Orlando branch. According to the CSR, those in Florida can only qualify now based on your employer.

The bank has decent ratings for safety and soundness: 4 stars (excellent) at BauerFinancial (based on 12/31/08 data) and 3 stars (performing) at Bankrate.com (based on 9/30/08 data). The bank has been FDIC insured since 2004 (FDIC Certificate # 57760).

Mutual savings banks appear to have the credit union trait of being customer (member) owned. As described at SharePlus's FAQ: "As a mutual savings bank, SharePlus Federal Bank is not owned by stock holders, but instead by our customers."

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.

Related Pages: CD rates, IRA rates

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Anonymous   |     |   Comment #1
yes, but their money market rates are low. if you give them $1,000,000, you can get a 2% money market account.