Tennessee Commerce Bank is offering a competitive savings account paying 2.30% APY as of 6/5/2009. That puts it near the top of the best savings and money market rates on the BestCashCow rate table. It's also offering a some top cd rates. As of 6/5/2009:
- 2.40% APY 12 months
- 2.45% APY 18 months
- 2.87% APY 24 months
- 3.27% APY 36 months
- 3.45% APY 48 months
- 3.65% APY 60 months
Opening and Funding
To open the savings account or a certificate of deposit, you'll need to download an application form, fill it out and mail it back with two pieces of identification. To fund the account, you can send a check with your application, use ACH, or use a wire transfer.
Some key things to know about the account include:
- The account is available nationally
- There is a $250 minimum opening deposit and balance to avoid a $2.50 monthly fee
- Trust accounts and POD accounts available
- $2.50 charge for more than one withdrawal per month.
Safety and Soundness
Based on FDIC data from March 31, 2009, Tennessee Commerce Bank has$1.266 billion in assets and $1.108 billion in deposits. Bauer Financial gives it 3.5 out of 5 stars (Good) for its safety and soundness. The bank is FDIC insured.
Credit for this find goes to BankDeals.
Please share any experience you've had with Tennessee Commerce Bank.
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