Main Street Bank has a very attractive money in the bank deal through their certificates of deposit. The highest cd rate is being offered for their 2-year certificate of deposit now at 2.20% APY.

The best cd rates drop by a few basis points compared to the December rates but it remains very competitive. This certificate of deposit requires a minimum initial funding of $ 10,000. The current interest rate is listed on the bank’s website as of January 2.

The current cd rate for their 3-year CD is 2.50 APY and 12-month CD at 1.70% APY with a required initial deposit of $10,000.

We have confirmed that the top cd rates are being offered nationwide. Interested consumers can open the certificate of deposit by printing out an application from the website and sending it by mail or fax. Funding of the CD can be done by sending in a check or via ACH.

According to the customer service representative, the best cd rates will not be locked for you until the bank receives the application form. You can instruct the bank to give you a call in case the interest rates drop.

The earnings of the certificate of deposit can be paid via ACH. The bank imposes a six months of earnings as early withdrawal penalty for CDs with terms longer than 12 months. They give you 10 days of grace period to decide if you will roll the funds or take out the earnings.

The Main Street Bank has a four branches spread around Houston. It has a declared asset of around $427 million and deposits pegged at $360 million as of September last year.

The financial ratings of the bank are impressive. Bankrate.com gave 4 stars for performance while BauerFinancial issued 4 stars for soundness and safety. These evaluations were based on their June 2009 data.

The bank is covered by the FDIC with certificate number 24979. They have been indexed with the FDIC since 1984.