Golf Savings Bank is offering a 4-year CD paying 3.5% APY. That's currently the best 48-month CD rate on the BestCashCow rate tables. The minimum deposit is $10,000.

The account can be opened online and can be funded from an existing online banking account using ACH. The CD rate locks upon completion of the applications.

The bank is headquartered in Mountlake Terrace, Washington and $562 million in assets. Golf Savings Bank has a 3 out of 5 star rating (adequate) from Bauer Financial for its safety and soundness.

Credit for this find goes to Bankdeals.

A quick glance at the CD rates offered by the big banks - Chase, Wells Fargo, and Bank of America, shows that the banks are somewhat competitive in some terms.

For example, Bank of America is offering a 3.01% APY 48-month CD. That would put it sixth on the BestCasCow 48-month CD rate table. Wells Fargo is offering a 1.95% APY 12-month CD that would also be a contender on the rate table, albeit lower down.

This is based on the rates listed on their websites for the Commonwealth of Massachussets. Rates do vary by state. Depistors who have premium relationships with the big banks can often get even better rates.

Some rates though make one wonder why they even bother to list them. Bank of America offers a 90 day CD with a .50% APY rate while Chase will take your money for 12-months for .25%. Both are horrible investments.

There are better alternatives. Instead of a 90 day CD, why not money into an EverBank account paying 3.01% APY guaranteed over 90 days? The money is totally liquid in this money market account. Of, to simply invest in any of the top savings accounts on the rate table. It's a pretty good bet all will be paying aboe .50% APY in 90 days.

There are also many banks that will pay well above 2% APY for a 12-month CD.

Bloomberg reports that Bank of America brought in $5 billion of deposits over the last month due to leads from Merrill Lynch brokers:

"Certificates of deposit sold by Merrill brokers jumped between May 5 and June 4 as Bank of America began providing thousands of leads each month, said Lyle LaMothe, head of U.S. wealth management, in an interview. That’s a sign the combined North Carolina-based company can push profit higher by selling more to each other’s clients, including mortgages and products tailored to affluent customers, LaMothe said."

Hopefully, these depositors did their homework to make sure they were getting the best rate possible so they are fattening their wallets and not the bank's.

Affinity Bank is offering an 8-month CD paying 2.25% APY. Currently, that's a bit more than the best 6-month CD rate but a bit under the best 12-month CD rate. The minimum balance to receive the rate is $10,000.

The application process is basic. Interested customers fill out a form on the site and then print it out. The form as well as a check with the deposit amount is the mailed to the bank. An Affinity Bank customer service rep told me that the bank will honor the rate five days from the postmark date.

To withdraw money, consumers will need to call the bank and after validating that they own the account, the bank will mail a check. The money can also be wired out for a $30 fee. It's not exactly state-of-the-art but it will get the job done.

About Affinity Bank

Affinity Bank was originally named San Francisco Thrift and Loan and was incorporated in 1982 as a local bank serving the San Francisco Chinese-American community. In 1995, the Bank was sold to Affinity Group, Inc. (AGI). The company’s headquarters were relocated to Ventura, California and the Bank was renamed Affinity Thrift & Loan before becoming Affinity Bank in 1997. In 1999, AGI transferred ownership to Affinity Bank Holdings, Inc., a privately held corporation.

Affinity Bank began its new life by offering high-yield deposit products to customers of its two branch offices and by advertising to members of several travel and leisure clubs located throughout the United States. Today, the company offers a complete array of business and consumer deposit products including checking, savings, money market accounts, certificates of deposit and IRAs through a growing network of local branches and a national call center.

The bank has a terrible Bauer rating for its safety and soundness - 0 out of 5 stars. Affinity Bank is FDIC insured (FDIC Cert: 27197). The bank has approximately 1.2 billion in assets at the end of 2008.