Banner Bank is currently running a pretty sweet 21 month online CD (certificate of deposit) promotion which is yielding 2.50% APY. The average yield for 24 month CDs sits at roughly 2.0% APY – making this offer 25 percent more lucrative in comparison.
This is a summer promotion which has been available since the middle of June and is ONLY available online. The minimum deposit required to open this CD account is $2,500.
Although Banner Bank generally serves the pacific northwest (Idaho, Washington and Oregon), this online CD is available throughout the country. Banner Bank claims you can apply and be approved in under 15 minutes.
Here is what you will need to apply…
- Social Security Number
- Drivers License Number
- A copy of a check from your current checking account, if applicable (information on the face of your check may be required for funding your new account)
- E-mail address
You may transfer money into the 21 month online CD account from the following types of bank accounts:
- Personal Savings or Money Market
- Personal Checking
- Personal Certificate of Deposits
Banner Bank, headquartered in the southeastern corner of Washington state in Walla Walla, is the 5th largest bank in the entire state. Established in 1980, the bank has grown to 85 locations in the Pacific Northwest along with over 1,000 local employees. They are also fairly large in terms of assets, as they have almost $4 billion in total assets. They control roughly $3.3 billion in consumer deposits and almost $3 billion in loans.
Banner Bank has a very impressive A+ rating on BBB (the Better Business Bureau) with just 2 registered complaints. The full details of the complaints aren’t disclosed however we do know they both have something to do with the products offered by Banner Bank.
Interest rates in general are likely going to continue their decline before flat-lining well under 2 percent. They will likely remain low until we have recovered somewhat from our current recession. Therefor locking in a longer term CD with a favorable fixed interest rate may be a smart play to hedge against future falling rates.