Yesterday we were made aware of a decent 15 month CD rate promotion out of a small bank in Colorado. The State Bank out of Rocky Ford, CO, is currently offering a 1.35% APY on this promotional deposit. You’ll need to give them a call or stop by one of their two branches (in Rocky Ford or Peyton, Colorado) to sign up.
Although this promotional product is not shown on their website (redibank.com) we have confirmed it’s availability as of May 25, 2012. To open the 15 month deposit you’ll need a minimum amount of $500.
To put the offer in further perspective, today’s national average for 12 month CDs is 0.70% APY and just 0.85% APY for 2 year CDs.
The State Bank has been around for over 100 years (founded in 1893) and is a family owned bank serving consumers in the Arkansas Valley of Colorado.
Colorado CD Rates 2012:
Like the rest of the country, Colorado savings and deposits rates offered by FDIC and NCUA insured institutions are pathetic. When comparing the local offers in Colorado to the top offers from our database of bank CDs available nationwide, you’ll see that besides this promotional offer by State Bank, you’re going to get a higher APY when investing with an online bank.
If you’ve been a member of your local bank or credit union for several years, you may want to speak to a representative to see if they can match the interest rate provided by The State Bank. In many instances smaller instituions will do this for their long-standing members.
Do you live in Colorado and know of a promotional deposit offer from your local bank or credit union? If so, let us know by leaving a comment!