Best CD Rates with Academy Bank at 2.25% APY for a 12-month CD
Top cd rates are being offered by the Academy Bank headquartered in Colorado for their 12, 15, 18, and 24-month certificate of deposit deals. All of these CDs earn 2.25% APY. They can be opened with an initial deposit of $500.
The current interest rates are accurate as of October 23 and may be changed any time without notice.
Interested consumers can use the online application on the website of the bank according to their customer service representative. You can fund the certificate of deposit by sending in a check through post or via wire transfer. The CSR told us that the interest rate will lock upon approval of your application. She also added that account holders can add POD beneficiaries.
The APY and interest rate will be locked for the term of the certificate of deposit. It will start earning interest upon account opening. The earnings are paid on a quarterly basis and you can roll this with the CD, opt to automatically deposit them to a nominated account, or receive it by check.
The account holder can phone the bank when the CD matures to instruct them if you want to close the CD. You can receive the proceeds via wire transfer. The CDs are set to automatically renew to the same term unless you give the bank other instructions. The bank also gives 10 days of grace period upon maturity of the account.
The certificates can also be opened by visiting their branches. Academy Bank operates offices in Wal-Mart Supercenters in Fort Collins, Colorado Springs, Avon, Aurora, and Denver in Colorado.
The bank operates under the umbrella of the Dickinson Financial Corporation which also oversees the operations of Armed Forces Bank located in different military bases across the country. Take note that the Academy Bank offers higher interest rate for their CDs compared to the Armed Forces Bank.
Academy Bank was stamped with 3 stars for soundness and safety by both Bankrate.com and BauerFinancial. The evaluations were both based on their June 2009 financial data.
Academy bank is covered by the FDIC since 1966. It holds FDIC certificate number 19600.
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