Do you think that these attractive CD rates have been limited to specific states for too long? Flagstar Direct just posted two very attractive CD rates that are available nationwide. How? They’re offered online. Internet CDs are very convenient because you don’t need branch visits to open them. You just need to sent copies of your IDs, click a button, provide the funds, and you’re done.

The more attractive deal between these two internet CDs is the 1.55% APY 12-month CD. This is one of the highest CD rates this season, considering the short lockdown term. The other internet CD, which is the 1.25% APY 6-month certificate of deposit, is also attractive although not as competitive. It’s an easy way to earn that APY, though, without suffering the long wait.

The minimum deposit for both CDs is low enough at $500. This makes it even more accessible to everyone across the USA. However, top CD rates offered nationwide tend to rise and fall without much warning. Make sure that you check the bank’s website before you open an account. Otherwise, you might be signing up for a less rewarding APY. You would want to make the best out of your short lockdown period.

While it seems silly to withdraw early for such a short-termed CD, you should also not forget to look at the CD page’s disclosure tab. This lists early withdrawal penalties. If you take your funds out from the 6-month CD before maturation, you have to pay for 30 days’ worth of interest. Early withdrawal from the 12-month CD, on the other hand, warrants a hefty penalty of 180 days’ worth of interest.

Just in case you’re wondering, Flagstar Bank consistently offered the best CD rates in the market until their yields fell sometime last December. It seems to be recovering now, though, with this new set of internet CDs. The bank has a total of 165 branches across Michigan, and is known for its competitive rates. If it suffered from mortgage problems over the last year, this was caused by the global financial crisis which affected most banks around the world.

The ratings of Flagstar Bank are generally weak, though. It only scored one star out of five from Bankrate.com and two stars out of five from BauerFinancial.com. If anything goes wrong, the bank is insured by FDIC. It has been a member since 1987. You can verify the bank’s insurance credentials through FDIC Certificate # 32541.