Update 1/21/2010: The CD rates have fallen. Refer to the bottom of the post for the rate history.
Jacksonville Bank is offering several competitive CD rates. The following CD rates are listed at the bank's rates page as of 1/21/2010:
- 2.70% APY 36, 60 month CD
- 2.40% APY 24 month CD
- 2.00% APY 12 month CD
- 1.50% APY 6 month CD
Minimum deposit is $1,000.
There's a link to an online application at the personal savings accounts page. I called the bank's toll-free number (1-877-7MY-JAXB) on 11/6/09, and I was told that CDs can be opened online without a branch visit by people in any state (Note, these policies can often change quickly at small banks). According to the CSR, CDs can be funded via an ACH transfer from a checking or savings account at another bank. The maximum ACH transfer allowed is $100,000. In the online application, it states the following:
When funding a CD by ACH transfer, your rate and term will be determined on the day funds are received by The Jacksonville Bank.
I was told by the CSR that at maturity you can request to receive the funds by an ACH transfer back to your other bank account. They accept closure instructions by phone or secure email. According to the CSR, the early withdrawal penalty is 3 months of interest for the 1- and 2-year CDs.
The bank has 5 branches in Jacksonville, Florida.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1999 (FDIC Certificate # 34941).
01/21/10: 2.70% 36,60m, 2.40% 24m, 2.00% 12m, 1.50% 6m
11/06/09: 2.90% 36-60m, 2.60% 24-35m, 2.25% 12-23m, 1.75% 6-11m
Other Competitive Certificate of Deposit Rates