2.35% APY for 36-month certificate of deposit with Seacoast Commerce Bank
Seacoast Commerce Bank continues to push with the attractive cd rates they offer through their Bank by Mail CDs. The most competitive cd interest rates are the 2.00% APY for the 24-month CD; 2.35% APY for 36 months; and 2.65% APY for the 48-month certificate of deposit deal.
Individuals can enjoy these best interest rates with an initial deposit of at least $10,000. You will notice that other banks have better top cd rates but a good feature of this money in the bank deal is the lower than average penalty of 3 months of interest for early withdrawal. Also you have to consider the lower certificate of deposit rates in California so these are very competitive.
The interest rates that we have here are listed on the bank’s page as of June 2, 2010 but can be changed any time without notice. Please do check with the bank for the latest figures or you can call them through 619-476-7776 for more information.
The interest rate of these certificates are locked by the bank upon application or by the date stamped by the post on the deposit and application.
The bank does not charge any fee for wire transfers when you open the account. They charge $30 for the outgoing wire when you close the account, but this can be waived. Upon maturity the bank can also send you a check via mail for free.
The penalty for an early take out is 3 months of the account’s earnings which is comparatively lower than what other bank’s charge. The bank requires a written authorization when you are about to close the CD. You can also ask for their email system which you can use to transmit the authorization.
These certificates of deposit can be opened from any state. You can use the Apply Now button on their website. Click that and you will be able to open a PDF application form which you can print, fill up, and send by mail with your check. You can also send in the money via ACH for the initial deposit.
Seacoast Commerce Bank is based in Chula Vista in California. The ratings are a bit weak with both Bankrate.com and BauerFinancial issuing 2 stars for soundness and safety. Both of these evaluations are based on their December 2009 collected data.
The bank is covered by the FDIC through certificate number 57428.
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