Banks for You!

If you’re a little wary about investing your money on a long term CD but would like to take advantage of high interest rates just the same, you might want to try mid-term CD deals instead. One CD deal, in particular, would probably spark your interest. This one is being offered by Central Bank in Tampa Florida. It has a 1.15% APY and an 18-month term. Both the interest rate and the term, in this case, is ideal. That’s a very competitive rate for a CD which runs for less than two years.

The bank’s two-year CD is not as competitive. However, it is also a good deal. Central Bank in Tampa, Florida is currently offering their 24-month CD with a 1.25% APY. If you can extend your investment for six more months, and you would like to take advantage of the added 0.10% yield, go ahead and choose this one Instead.

The minimum deposit for both CD deals is a bit steep. You will need $2,500 to continue enjoying these interest rates. CD interest rates have also been falling since December 2011, so it will do you good to take advantage of these still fairly decent Certificate of Deposit rates before they take a dive again. These rates change without so much as an announcement, so check the bank’s rate page first before applying for a CD. The rates mentioned here might no longer apply in a few days.

Also look into the bank’s early withdrawal penalty. Of course, 18 to 24 months is a short time to wait for the country’s best CD rates, but emergencies do happen. Find out how much they’re taking away from your earnings. It is standard for most banks to take away at least six months’ worth of dividends for CDs with these term Lengths.

While there is no limitation indicated on the website regarding who can open these accounts, a branch visit is necessary, so it is understood that the offer is targeted to people who live in Tampa, Florida. This is an intimate, one-branch bank which has a fairly decent health rating.

Over the years, it has improved in terms of financial soundness and is rated by DepositAccounts.com with five out of five stars. Bankrate.com has garnered it four out of five stars (sound). This is impressive for a fairly new bank. It has only been an FDIC member since 2007. Just the same, you can enjoy the fact that it has federal insurance under FDIC Certificate # 58377.

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