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CD Early Withdrawal Penalty: Should You Pay It?Competitive Rates at Community Bank of Arizona and Nevada
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POSTED
ON BY Ken Tumin
Community Bank of Arizona is offering several competitive CD rates. The most competitive include a 2.40% APY for 6 months, 2.65% APY for 12 months, 3.15% APY for 24 months and 3.40% APY for 36 months. Minimum deposit is $1,000. The 12-month and longer-term CDs are also availabe as IRAs. These rates are listed at the bank's rate table as of 4/08/09.
I last reported on this bank in July 2008 when they were offering a 4.00% 6-month CD. You can see how much the rate environment has changed since then.
It appears a branch visit is required to open an account. Branches are located in Phoenix, Fountain Hills and Glendale.
The bank's ratings for safety and 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). It has been FDIC insured since 2003 (FDIC Certificate # 57645).
Community Bank of Nevada:
Community Bank of Arizona is part of the bank holding company, Community Bancorp. Another bank under this holding company is Community Bank of Nevada which is based in Las Vegas and also has similar CD deals. I last posted on this bank on March 24th. Its CD rates have fallen a little since then, but they remain very competitive. As of 4/08/09, the CD rates are very similar to Arizona's except Nevada has a little higher 1-year CD rate (2.90% APY) and a lower 2-year CD rate (2.96% APY).
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. There's still a good 18-month CD available in Arizona with a 3.03% APY (see post).
I last reported on this bank in July 2008 when they were offering a 4.00% 6-month CD. You can see how much the rate environment has changed since then.
It appears a branch visit is required to open an account. Branches are located in Phoenix, Fountain Hills and Glendale.
The bank's ratings for safety and 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). It has been FDIC insured since 2003 (FDIC Certificate # 57645).
Community Bank of Nevada:
Community Bank of Arizona is part of the bank holding company, Community Bancorp. Another bank under this holding company is Community Bank of Nevada which is based in Las Vegas and also has similar CD deals. I last posted on this bank on March 24th. Its CD rates have fallen a little since then, but they remain very competitive. As of 4/08/09, the CD rates are very similar to Arizona's except Nevada has a little higher 1-year CD rate (2.90% APY) and a lower 2-year CD rate (2.96% APY).
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. There's still a good 18-month CD available in Arizona with a 3.03% APY (see post).
