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Franklin Synergy Bank

2.15% 12-Month Online CD at Franklin Synergy Bank - Available Nationwide


Update 3/23/2010: The eCD rate is now 1.95% APY, but the term increased to 15 months. Please refer to the bank's website for the latest rates.

Franklin Synergy Bank increased the rate of its 12-month eCD last week from 2.05% to 2.25% APY. Minimum deposit is $1,000, and the maximum is $500,000. The 2.25% eCD is listed in the bank's eProducts page as of 12/28/09.

When I contacted the bank last summer, I was told that the account can be opened online by people from any state. The application link is at the bottom of the eProducts Page. Some details I received from the bank in July include:

  • CD can be funded either by wire transfer or check by mail
  • Rate is locked at the time of application

Update 1/14/10: Reader just commented that opening this CD was very fast without any problems. He also reported that the early withdrawal penalty is 30 days of interest.

The bank also has an E-Savings Account that's listed on the same eProducts page. The rate is also competitive: 1.75% APY for balances of $25K and up, 1.35% APY for smaller balances. One issue with this account is that it requires a checking account. Also, according to the account description, "Maximum of $500 accepted from external account." I'm trying to find out if this is through their ACH bank-to-bank transfer service.

The bank is a fairly new bank that was established in 2007 with headquarters in Franklin, Tennessee. It's a small bank with $237 million in assets and $197 million in deposits based on 9/30/09 FDIC data. Since it's new, BauerFinancial doesn't have a rating for it. Bankrate.com gives the bank 2 stars (below peer group) based on 6/30/09 financial data (down from 3 stars based on 12/31/08 data). The bank is a member FDIC (FDIC Certificate # 58714).

Other High Certificate of Deposit Rates

If you want a hassle-free competitive 1-year CD, ING Direct would be a good choice. They're still offering 2% APY (see my ING Direct review). For other good CD deals, please refer to:

Related Pages: CD rates, Franklin Synergy Bank, Nashville, savings account

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Anonymous   |     |   Comment #1
i notice it say interest is paid at maturity...
Bill (anonymous)   |     |   Comment #2
That rate didn't last long. Now 2.15% for 1 year CD.
Anonymous   |     |   Comment #3

Just an off-topic issue:

Your Depositaccounts.com provides poor update, much worse than highyield...

For example, it's been a while when Financial Center FCU (Indiana) dropped their rate from 4.5% to 3%; huge drop; big news. But your current site never detects it and never update it.
Anonymous   |     |   Comment #4
The prior comment, about up-dating, would have been more gracious if the commenter had volunteered to help you with the updates he/she would prefer.

I remain simply amazed that this (your) site even exists, given how hard it actually is to find "deals" in the current--or actually any--environment.

If you have time and want to do so, it would be interesting to know how we can volunteer to help you.
Anonymous   |     |   Comment #5
That was the point. In the old highyieldcheckingdeal, we can all contribute and provide update timely in a global forum (not the individual RCA forum). Then Ken can easliy pick up the new information and provide updates in a timely manner.

We all like to help, sorry if the previous psot sounds critical.

We just missed the old site.

This in no ways, undermine your hard labor, Ken!!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #6
Regarding Financial Center FCU's reward checking account, I just found out that DepositAccounts.com has been monitoring the credit union's checking rates page, and DepositAccounts should soon be updated to monitor the right page.
Mark (anonymous)   |     |   Comment #7
The Franklin Synergy application for this one-year CD was very simple and expeditious. I sent in my check, and they opened my CD immediately. It was probably the simplest application process I've encountered over the last 4-5 years. I wish they were all so simple.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #8
Mark, thanks for the info on Franklin Synergy. Glad to read their CD application process was quick and easy.