2.09% 10-Month CD & 2.25% 15-Month CD at Century Bank Direct - Available Nationwide read and submit comments for this post

Century Bank Direct is offering some very competitive CD rates. The following are the rates as listed at the bank's CD rates page as of 11/05/09:

• 1.70% APY 5 month
• 2.09% APY 10 month
• 2.25% APY 15 month
• 2.35% APY 20 month

Some of the important features of these CDs as listed in the bank's CD page and in the bank's disclosure includes:

• $1,000 minimum to open
• Maximum deposit of $100,000
• Interest paid monthly
• Automatic transfers to outside bank of monthly interest available
• Online CD redemption form can be used to close CD
• 10-day grace period when a CD matures
• Early withdrawal penalties on the amount withdrawn: 90 days of interest for terms 12 months and under, 180 days for terms over 12 months

My last post on this bank was one year ago when the CD rates were over 4%. A reader back then had reported that the ACH funding of the CD is limited to $25,000. According to the reader, if you want to deposit more than $25,000, you'll have to open multiple CDs.

The bank also offers online checking, savings and money market accounts. Those rates are currently not as competitive as the CD rates. Refer to my Century Bank Direct review for more details about these accounts.

Century Bank Direct is a division of Century Bank of Kentucky which is FDIC insured (Certificate # 35450). It's a small bank with only 37 employees, $116.9 million in assets and $100.3 million in deposits based on 6/30/09 data.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both rates are based on 6/30/09 financial data.

Thanks to the reader who mentioned these CD rates in the Bank Deals hub page.

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