Update: May 15, 2013: Share Plus contacted BestCashCow and asked that we let everyone know the promotion is over. Hopefullly, the frenzy that it inspired won't prevent them from offering other great rates in the future.
Update: May 2, 2013 - It looks like Share Plus Federal Bank has decided not to open accounts from out-of area. Despite telling me they would when I called, several members of Depositaccounts.com have tried to open the account and been told they must visit the branch (see comments below article). This is still a great deal if you live near a Share Plus branch but no longer seems to be a nationally available offer. Please let us know if this squares with any of your experiences.
Share Plus Federal Bank Offering 2% APY 12-Month CD - Available Nationally
Share Plus Federal Bank in Plano, Texas is offering a 2% APY 12-month CD rate good for terms between 1-5 years. A two percent APY is by far the highest nationally available rate on a twelve month CD when you look at the best CD rates on the BestCashCow tables. In fact, it's the best rate on a two and a three year CD also. There is a minimum deposit of $10,000 and a maximum deposit of $25,000. The bank is limiting it to one CD per customer.
While there is no online application, I spoke to a CSR who told me that the CD can be opened via the phone. A mailing will be then be sent with the necessary paperwork, to be returned to the bank with a check. It's a bit more of a hassle than an online application but for someone looking for some extra yield who has extra time, it might be worth it.
Share Plus Federal Bank is an FDIC insured institution located in Plano, TX. It was founded in 2004 and has approximately $290 million in assets. Customers can open an account via one of its 6 branches. The bank has a Texas Ratio of 28.39% which is higher than the national average of 17.60% but still not close to the 100% that is generally a cause for alarm. Deposits have grown steadily since 2007, from $167 million to $288 million at the end of 2012.
