Charter Bank, out of Georgia, has a few noteworthy CD (certificate of deposit) promotional rates currently available with deposits of $1,500 or greater.
Thanks to BankVibe.com reader Chad for submitting this offer!
First, for those who are unfamiliar with Charter Bank they have physical branch locations in just two states (Georgia and Alabama) and can accept local deposits only. They are federally insured by the FDIC (FDIC number 30720).
Although they were founded in 1954, they are considered just a mid-sized bank. They are the 15th largest bank in Georgia by asset size and customers, controlling roughly $855 million in consumer deposits and servicing nearly $640 million in loans. They have a little over $1 billion in total assets and 300 full time employees.
As of April 6, 2010 they have the following CD rate promotions available to both new and existing customers:
1) 11 month CD yielding 1.79% APY with a minimum deposit of $1,500. To put this offer in perspective, the current national average for 12 month CD’s sits at just 1.17% APY.
2) 35 month CD yielding 2.47% APY, compounded daily with a minimum deposit of $1,500. The national average for 36 month CD rates sits at roughly 1.95% APY.
3) 20 month “Added Advantage” CD yielding 2.18% APY, compounded daily with a minimum deposit of $1,500. We are not exactly sure what the “added advantage” feature entails and their website lacks details, however, we would venture to guess you will need to combine this offer with another one of their deposit products.
4) 59 month “bump up” CD yielding 3.50% APY, compounded daily with a minimum deposit of $1,500. Again, their website lacks details as to what the “bump up” feature consists of, however, we also believe this may need to be combined with another one of their deposit offerings.
Give the current interest rate environment, we would suggest considering a 48 month CD with the option to bump the rate if rates as a whole rise. This allows you to lock in the best available rate (as compared to the national average) for the next 48 months. The only downside is that you may not make any withdrawals for the next 4 years. If there is a possibility you will need your funds in the case of an emergency consider a liquid savings account with a decent interest rate such as a money market account. They generally allow up to 6 withdrawals per month.
For further information on these promotional certificates of deposit visit their website.