$100 Bonus with new 4-year Online CD (certificate of deposit)

A pretty sweet bank promotion is underway at OneUnited Bank. Currently when you open a new 4 year CD with a minimum deposit of $25,000 they will drop $100 into your account after 90 days. The interest rate you will receive with this promotion is 2.40% APY – which isn’t too shabby considering the top 4 year online CDs are barely paying over 2.50% APY. You can also look at this offer as a 4 year CD yielding 2.80% APY if you choose to deposit the $25k minimum required for the bonus (the $100 bonus essentially ads another 0.40% to your CD yield).

* One thing to note is that their rates haven’t changed since December 1, 2009. And at that time we were experiencing slightly higher CD rates than we are experiencing today…so this offer has grown to be a bit more lucrative than it was in December of last year.

Details, Terms and Conditions:

The interest rate (2.40%) and annual percentage yield (APY) are effective as of December 1, 2009. $1,000 minimum balance to open and earn disclosed APY.

$25,000 minimum balance to earn the $100 bonus. $100 bonus will be deposited into your account 90 days after account opening.

All rates are subject to change daily. Interest on CDs is compounded at the end of the term or annually, which ever is shorter. A penalty may be imposed for early withdrawals on all CDs, and fees may reduce earnings on the account.

Eligible accounts must be opened by 6/30/10 and cannot be overdrawn. Limit $100 bonus per customer. This offer cannot be combined with any other offer from OneUnited Bank. $100 bonus is subject to 1099 MISC reporting.

Golf Savings Bank 4 year promotional CD rate: 3.40% APY

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.

Montauk Credit Union’s CD (certificate of deposit) rates

Thanks (again) to BankVibe reader and contributor FarmerFrank for pointing out some very nice CD rates this time coming from a credit union in New York state.

Montauk Credit Union is a non-profit, member-owned, financial institution with roughly 4,500 members and $50 million in assets. They were chartered in 1922 and open serve customers nationwide. To become a member you will incur a one-time fee of $25.00, after that there are no fees associated with Montauk CU.

Current CD Rates:

12 month CD: 2.75% APY

18 month CD: 3.00% APY

2 year CD: 3.25% APY

3 year CD: 3.50% APY

4 year CD: 3.75% APY

5 year CD: 4.00% APY

7 year CD: 4.50% APY

Rates in effect as of 5/01/09 and are subject to change without notice.