That's the good news...but wait till you hear the bad news.
First City Bank is currently offering a 1.25 percent APY six month CD.
This puts First City Bank on the top of the BestCashCow CD rate list, tied with Aurora Bank at 1.25% APY. The minimum to open a CD with First City Bank is a thousand dollars, and there are no fees except for early withdrawal.
First City Bank is FDIC insured, but is rated a lowest possible zero star with Bauer Financial, and is included in their Troubled and Problematic Report. Bauer describes it as "facing considerable challenges at this time".
You can get a city either at a First City Bank branch, or by going online to www.firstcitybank.com.
NOVA Bank has a great rate on a short term CD, but not without some drawbacks.
NOVA Bank's got a good short-term rate on CDs, offering .75 percent APY on a three month CD.
That rate puts it on the BestCashCow CD rate list, just above Ally Bank at .74 percent.
The APY is currently accurate, but is subject to change at any time. You'll need five hundred dollars minimum to get this rate, and there are no fees unless you withdraw it early. You can either open your account at a NOVA Bank business center or go to www.novabank.com, where you'll fill out a short application and receive further instructions later, as I'm told by NOVA Bank employees.
NOVA Bank is currently rated a one-star "Troubled" on Bauer Financial.
According to the bank's website, to apply for an account online, you must be a U.S. Citizen or resident alien, have a U.S. address and be 18 years or older. The bank will verify your identification and require that you send a copy of your driver’s license or ID. If you are a new customer you will be asked to mail a check along with the new account application or you can identify an account at another bank that you would like the funds withdrawn. In order to complete this process you will need the information at the bottom of one of your current checks. Accounts are not opened until the Bank receives the funds. The Bank must receive funds within thirty days or your application for an account will be cancelled. Accounts are opened Monday through Friday only. Your account will receive the rate and annual percentage yield in effect on the date the account is opened. Certificate of Deposits will receive the rate and annual percentage yield in effect on the date the application is submitted.
The bank has a 4-star rating (excellent) at BauerFinancial (based on 12/31/09 data).
BestCashCow is the most comprehensive bank rate site on the Internet. Since 2005, we have monitored savings account, money market account and Certificate of Deposit rates from over 8,000 banks and 7,700 credit unions to find and display the best offers for those looking to earn and save more. You can learn more about the company here.
BestCashCow is the most comprehensive bank rate site on the Internet. Since 2005, we have monitored savings account, money market account and Certificate of Deposit rates from over 8,000 banks and 7,700 credit unions to find and display the best offers for those looking to earn and save more. You can learn more about the company here.
