4.60% 60-Month CD & 4.10% 48-Month CD at Huntington Bank - Nationally Available read and submit comments for this post

Update 1/10/09: The CD rates have fallen. Please refer to the bank's website for the latest rates.

Huntington Bank is offering some competitive long-term CDs. These include a 4.80% APY 72-month CD, a 4.60% APY 60-month CD, a 4.10% APY 48-month CD and a 3.91% APY 36-month CD. Minimum deposit is $50,000. Rates are 10 basis points lower for a $10,000 minimum and 20 basis points lower for a $2,000 minimum. These rates are listed at the bank's rate table as of 1/08/09. Note, you must enter your zip code to see the table. I've tried several zip codes from different states and all show these same rates.

I inquired about some of the CD details via Huntington's online chat. Below are the replies I received:

• Application can be taken by phone and funded by mailing a check
• Rate locks for 15 business days after the application to allow for receiving their CD Kit and sending back a check with the completed kit.
• For terms over 18 months, the early withdrawal penalty is 12 months of interest
• 10 day grace period
• At maturity, you can instruct them by phone to close the CD and send you a check of up to $25K (over $25K can't be done by phone via Customer Service). No limit for transfers to another Huntington account (their online savings account is an option)
• CDs available in IRAs, but unless you already have an IRA opened with Huntington, you would need to open it in an office.

Huntington started an online savings account in early 2007 (see post) which is available nationally except for those in CA. The rate on the savings account was as high as 5.30% APY, but now it's only 2.00% APY for balances of 100K (1.20% APY for balances over $10K).

Huntington Bank has branches in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.

The bank has some fair ratings for soundness: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate. Both ratings are based on 9/30/08 data. Huntington Bank is FDIC insured (FDIC Certificate # 6560).

Long-Term CDs: Worried about locking into a long-term CD? I reviewed some advantages and downsides of long-term CDs in this post.