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2.00% 6-Month CD at H&R Block Bank - Available Nationwide


H&R Block Bank is offering a special 2.00% APY 6-month CD. Minimum deposit is $10,000. This rate is on the bank's front page as of 9/07/09, and details are listed in the bank's promotion page. Some important details mentioned in the small print and in the FAQ include:
  • Promotional offer available September 1, 2009 through September 30, 2009
  • Rates and fees are subject to change and are not guaranteed until the CD is opened. H&R Block Bank deems the account open upon receipt of collected funds
  • Penalty for early withdrawal is 30 days of interest
  • Grace period at maturity is 10 days
  • Application can be submitted online or by mail
  • CD can be put in the name of a trust
If you click on the "Apply Now" button at the CD promotion page, it opens a PDF form that has a submit and print button. When I started typing in this application, I was informed that when I select submit, the data will be emailed. I don't know about the security of this submission method. If you have concerns, please contact H&R Block Bank. The form allows you to select funding by either a check or an ACH transfer from your checking or savings account at another institution.

When I posted on H&R Bank in 2007, there were concerns about its health due to H&R Block's subprime mortgage servicing unit. However, they were able sell this off in May 2008 (see press release). The bank continues to have low ratings for safety and soundness: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 3/31/09 financial data.

The bank has been a FDIC member since 2006 (FDIC Certificate # 58124). It's a small bank that's operated out of a Kansas City, Missouri office. From the FDIC database, as of 6/30/09, the bank has $984 million in assets, $720 million in total deposits and 57 employees.

Other Competitive Certificate of Deposit Rates

You can get 2% and higher on longer terms, but for a 6-month term, it's tough to find a 2% CD. Bankrate's best 6-month CD rate is only 1.76% APY. I have a couple of other 6-month CDs with rates higher than this in my 6-month CD list. To find other top CD rates, please refer to the following:

Related Pages: CD rates

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donreith (anonymous)   |     |   Comment #1
The application process via a PDF form scares me. The URL that delivers the form is not secure (http, not https) and there is no indication on the form that the submission is secure. This is inexcusable from a bank.