Banks for You!

First Commercial Bank of Florida is offering a 1.55% APY 6 month CD, a 2.05% APY 16 month CD and a 2.55% APY 22 month certificate of deposit with a minimum deposit of $1,000 and a maximum of $99,000. To visit their site click here.

You must visit a branch to open a CD. Branches of First Commercial Bank of Florida are located in the Florida cities of Orlando, Edgewood, Kissimmee, Winter Park, Deltona and Lake Mary.

They’re also offering a reward checking account with a 2% APY on balances up to $250,000.

First Commercial only has a 1 out of 5 star soundness rating from bankrate, so you definitely want to stay under the $250,000 FDIC insured limit.

Bank of Internet is having has always had decent rates, and their 2.02% 12 month CD is still pretty competitive considering how much rates have fallen over the past couple of years. Their 12 month CD is actually higher than their 24 month CD which is currently at 2%.

A couple of items to note about the cd:
There is a minimum of $1000

There is a grace period of 10 days if you decide that you don’t want to renew it once the 12 months is up The early withdrawl penalty is 6 months, so since this being a year CD you would lose half of your interest so be sure you can tie up this money for 12 months You have the option to roll the interest back into the CD or have it sent via ACH to another account

I don’t currently have any accounts with Bank of Internet since I am still pretty happy with my high yield checking account, so I can’t comment on service or the opening process, but I have never heard of any major complaints from readers.

Bank of Internet is FDIC insured (FDIC Cert# 35546) and have a sound 4 star rating at Bankrate.com

NOTE: For posts that contain bonuses, be sure to read the post for bonus expiration dates. Links

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For the Best 24 Month CD Rates from a bank that accepts customers from across the nation is Hudson City Bank. They are currently offering a 24 month CD with an interest rate of 2.435% and an APY of 2.50%. This is currently the highest in the nation. This rate was posted on their website on 10/30/09 and is current as of 11/05/09. There is a $500 minimum deposit required and there is a penalty for early withdraw.

American Express Bank has an extremely attractive 24 month CD with an APR of 2.35% which is the second best in the nation and is protected by the FDIC. There is no minimum amount required, but unless you make a deposit, you cannot earn any interest. This rate was posted on 10/27/09 but is subject to change without notice, but was accurate as of 11/05/09.

Aurora bank FSB has a 24 month CD which has an APY of 2.3164% and an interest rate of 2.290% with a minimum deposit of $5000. One word of caution is that this bank has been associates with Lehman Brothers Bank. Back in July of this year Lehman Brothers Bank asked the court’s permission to inject $950 million to help stabilize this smaller failing bank. This bank was threatened with a seizure by the United States government as recently as August of this year. S

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