America Bank of Commerce’s 24 month CD rate – locals only

February 23, 2010 No Comments »

While it’s kind of disheartening hyping up a 24 month CD yielding only 2.32% APY, we still feel obligated considering the national average for 2 year CD rates sits at a pathetic 1.90% APY.

Much thanks to BankVibe.com reader Sam for submitting this product for review!

Currently anyone willing to visit one of their branches can take advantage of this 24 month CD rate with a minimum deposit of $1,000. ABC Bank or America Bank of Commerce has a dozen locations throughout Texas and Colorado.

Compare this offer to the best CD rates in Texas to see how it holds up!

It’s branches reside in the following cities: Austin, Lubbock, Mansfield, Plano and Wolfforth, Pueblo and Colorado Springs.

ABC Bank’s Certificate of Deposit Terms and Conditions:

  • Partial withdrawals of Interest only are allowed
  • Penalty for early withdrawals
  • Additional or add-on deposits are not allowed
  • Automatic Renewals
  • 10 Day grace period

Be sure to contact the bank prior to the end of the 24 month duration so that you can have your funds transferred to another account, otherwise they will automatically renew your account at whatever current rates they are offering for 2 year CD’s.

You may also want to consider a longer duration deposit than their 2 year option simply because rates are falling fast and will likely stay low for years to come – probably not rising until we have comfortably pulled out of this recession. Therefor a long term deposit will allow you to lock in a decent rate now so that you will still be locked in when interest rates as a whole continue their downward trend.

About America Bank of Commerce:

Since their inception in 1962, America Bank of Commerce has remained relatively small. They are just the 75th largest bank in Texas by asset size and members and are not even in the top 1,000 banks in the country. They control roughly $560 million in consumer deposits and $375 in loans.

They have an A+ rating on BBB (the Better Business Bureau) with no registered complaints. If you have experience in banking with America Bank of Commerce, please share by leaving a comment.

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