Golf Savings Bank continues to offer competitive interest rates for their certificate of deposit deals. The rates have drastically dropped since last year but they remain to be among the best interest rates being offered in the market. The current cd rates are listed below:

6 months fixed 1.35% APY
9 months fixed 1.50% APY
12 months fixed 1.80% APY
15 months bump 1.90% APY
2 years fixed 2.20% APY
3 years fixed 2.50% APY
4 years fixed 2.65% APY
5 years fixed 3.00% APY

Account holders must deposit at least $10,000 to enjoy these top cd rates. Ceiling for funds are set at $90K. The 15-month CD has a bump up feature which allows for improving rates once per term.

Early withdrawal penalties for a 6 month CD is a month of its interest on the amount taken out. Certificates with maturities of 9 to 14 months and the 15 month with bump will cost you 3 months of earnings on the funds withdrawn. Those with longer terms will charge six months of interest for early withdrawal.

Account holders of the 15-month CD with bump feature needs to send a written instruction to the bank so the exchange of interest rate can take effect. The maturity date of the CD will not be affected by the bump. You can use the bump once in every term.

The account automatically renews but you have a 10-day grace period to decide whether you want to roll it or close the account.

The customer service rep was not sure if the bank will require a hard credit pull when you apply for an account. So you better inquire first prior to signing up for anything.

Golf Savings Bank is based in Washington. It is a well capitalized bank with about $342 million and $562 million in deposits and assets, respectively.

The bank has decent ratings from Bankrate.com which gave it 3 stars for its performance and from BauerFinancial that gave it 4 stars for soundness and safety. These ratings were based on their March 2009 data.

Golf Savings Bank is insured with the FDIC with certificate number 3562.