Sonata Bank (small bank) has a high rate on a 12mo CD right now. It was listed on CDV and it appears you can open it up online, but I didn't investigate details as I'm just posting in case others might be looking for a 12mo CD right now...
"Rates are subject to change before and after account opening. The minimum balance required to obtain the advertised annual percentage yield is $1,000,000. This is a tiered rate account. Balances of $1,000,000 and greater earn 5.38% APY; balances between $500,000 and $999,999.99 earn 4.85% APY; balances between $300,000 and $499,999.99 earn 4.59% APY; balances between $100,000 and $299,999.99 earn 4.59% APY; balances between $25,000 and $99,999.99 earn 3.04% APY; balances between $10,000 and $24,999.99 earn 1.41% APY; balances less than $10,000 earn 1.41% APY. Interest is compounded and credited on a monthly basis."
(It's their Money Market Savings Acct fine print you quoted by mistake).
The CD fine print has one asterik, the Money Market fine print has 2 astericks.
https://www.sonatabank.com/cd-rates
Here's the fine print for the 12-month ($2,500 min) CD @ 5.64%:
"*Annual Percentage Yield (APY) is accurate as of 5/10/2024 and applies to the initial term of a new 12-month CD Special. The minimum balance required to open a 12-month CD Special and receive the stated rate is $2,500. Offer is subject to change without notice. Alternative lengths of terms are not allowed. Fees could reduce earnings on the account. A penalty may be imposed for early withdrawal of principal, and any early withdrawal (principal or interest) will reduce earnings. Additional restrictions may apply. Ask your local banking center customer service representative for details. "
Here's the fine print for their Money Market Savings Acct, currently paying 5.38% if over $1 mil:
"**The APY (annual percentage yield) is accurate as of 5/10/2024 here. Rates are subject to change before and after account opening. The minimum balance required to obtain the advertised annual percentage yield is $1,000,000. This is a tiered rate account. Balances of $1,000,000 and greater earn 5.38% APY; balances between $500,000 and $999,999.99 earn 4.85% APY; balances between $300,000 and $499,999.99 earn 4.59% APY; balances between $100,000 and $299,999.99 earn 4.59% APY; balances between $25,000 and $99,999.99 earn 3.04% APY; balances between $10,000 and $24,999.99 earn 1.41% APY; balances less than $10,000 earn 1.41% APY. Interest is compounded and credited on a monthly basis. You will not receive the accrued interest if you close your account before interest is credited. You must maintain a minimum daily balance of $2,500 in the account to avoid an $8 monthly service charge. All accounts are subject to applicable terms, fees, and charges. Terms, fees, and charges for accounts are subject to change. Fees could reduce the earnings on the account. Offer is subject to change without notice."
"only Tennessee and Kentucky residents can open the 12-month CD Special using Sonata Bank’s online application. Everyone else needs to call either Sonata Bank branch location to start the application process."
I called the Sebree, KY office as well. Apparently corporate has changed its policy on 6/7 and will only allow "locals" to open accounts.
