Choosing CD rates is, in a way, similar to searching for health insurance plans. Different states offer different rates. Some states are able to crush the national average on savings products, while some are on par with the national average, and of course, some sink way below it.
This week we rounded up the top 12 month CD rates from Arkansas based financial institutions and found that all the noteworthy rates for this specific term (1 year) are coming from smaller community based banks – other than one credit union which made our top-5 list.
Highest Yielding 12 Month CD Rates Arkansas (2012 Edition):
(Interest rates are accurate as of February 2012. Visit our CD rate center for updated rates available throughout the country.)
1) Unico Bank, based out of Trumann, Arkansas, is currently featuring a 12 month CD yielding 1.16% APY requiring a minimum deposit of $1,000. To put this offer – the top offer in Arkansas – in perspective, the top 12 month CD rate available online and nationwide sits at 1.15% APY and requires a $1,000 minimum deposit as well. This rate is offered by Doral Bank, a bank frequently leading the pack for 1 year deposit rates.
2) Corning Savings and Loan Association is featuring a 12 month CD yielding 1.11% APY requiring a minimum deposit of $1,000 as well. Corning Savings and Loan Association is based out of Pocahontas, Arkansas and has just one location.
3) First Security Bank is featuring their 17 month CD with an APY of 1.10% requiring a minimum deposit of $2,500. Keep in mind this is a 17 month CD, not a 12 month CD. Sometimes banks offer these oddball terms usually when they are associated with a promotional offer. Even though this promotional offer is a little less than what you can yield with the top online CD’s available nationwide we still figured it was worth mentioning since it’s offered from a local Arkansas based institution. First Security Bank has just on location in Jonesboro, Arkansas.
4) Southern Bankcorp Bank is featuring their 12 month CD with an APY of 1.06% requiring a minimum deposit of just $500. Southern Bankcorp Bank also has just one location in Trumann, Arkansas.
5) Timberline Federal Credit Union is featuring their 12 month CD also with an APY of 1.06% requiring a rather hefty minimum deposit of $10,000. Timberline Federal Credit Union has two locations in Arkansas – one in Fordyce and the other in Crossett.
Think we missed a high yielding certificate of deposit in Arkansas? Let us know about it by leaving a comment!