Golf Savings Bank out of Washington state has a great 4 year certificate of deposit which is currently yielding 3.40% APY! Thanks to BankVibe reader Justin for submitting this lucrative rate.
You will need a minimum deposit of $10,000 to invest in this product.
If you feel that a 4 year term is too long, they have a 1 year CD yielding 2.30% APY with the same minimum deposit. The national average for 12 month CD rates sits at roughly 1.65% APY (to put this offer in perspective).
They may change this rate at anytime, however, once your application is submitted, the rate is locked in and will be fixed for it’s duration.
They will impose withdrawal penalties if you need to take out of any of the money before the 4 year term is completed. In addition, they will automatically reinvest your money into another 4 year CD once the term is up if you do not specify otherwise.
For smaller deposits Golf Savings Bank offers a traditional savings account that yields 0.25% APY on balances below $1,000, 1.26% APY on balances from $1,000 to $10,000, 1.77% APY on balances from $10,000 to $50,000, and 2.02% APY on balances above $50,000. Keep in mind with the latter, there is a $3 monthly fee if you account falls below $300.
For those looking to invest a larger chunk of cash into something a little more liquid and with more flexibility they offer fairly competitive money market rates as well.
Money Market Rate breakdown…
0.65% APY up to $2,500
1.90% APY $2,500-$10,000
2.15% APY $10,000-$50,000
2.30% APY $50,000-$100,000
2.35% APY $100,000-$250,000
2.40% APY on balances over $250,000
Although Golf Savings Bank is headquartered in Washington state, their products are available throughout the country. Golf Savings Bank is member FDIC. Their bank is a medium sized institution with roughly 500 employees and $350 million in consumer deposits. They currently have an “A” rating on BBB with no consumer complaints.