Legacy Bank of Milwaukee is offering a 25-month CD for 2.95% APY. That's far higher than the highest 24-month CD rate of 2.30% and even higher than the best 36-month CD rate of 2.81% APY.
I called and spoke to a CSR who confirmed the rate and said it was going to be good through the month of April. This bank wants to bring in deposits!
Other important items she told me:
- The rate is available nationwide
- Applications can be taken online and a signature card will be sent via mail. Applicants must sign and return with proof of ID.
- Funding can be done via check or wire.
- Rate locks when application is received.
- Early withdrawal penalty of 6 months.
- Funds can be withdrawn via a certified letter at end of term.
- Minimum balance is $2,500.
In addition to the 25-month CD, the bank is also offering a competitive 1.90% APY 13-month CD and a 1.75% APY on money market account fund with a minimum balance above $10,000.
Legacy Bank has one branch and assets of $236 million. It is a small bank so look for it to be overwhelmed once this offer catches on. Get in early if you are interested and be prepared for some delays. The bank is FDIC insured and is rated 2 out of 5 starts for its safety and soundness according to Bauer Financial.
Comments
zjts
April 06, 2010
did the legacybancorp CSR say the CDs & Money Market accounts could be opened by non-Wisconsin residents?
A rep emailed me on 4-5-10 saying:
We do not open any personal accounts for non-Wisconsin residents.
Is this review helpful? Yes:0 / No: 0
Add your Comment
or use your BestCashCow account