Darby Direct pushes for their highest interest rate offerings for their two online certificate of deposit deals for consumers in Georgia. There is a step-up CD that has current cd rates of 4.00% APY on a 36-month term. There is also another attractive money in the bank deal with the 18-month CD special that has a 2.75% APY. These certificates of deposit require an opening balance of $500.

The 36-month certificate of deposit rates are scheduled to end by September 3. You still have time to take advantage of these very competitive cd rates. This is how it works: the CD will kick off as a 3.00% APY CD then jumps to 4.00% APY the next year, and then springs up to 5.00% APY on the second year. The step up dates are on August 15, 2010 and on the same date by 2011.

The 36-month CD allows early withdrawal during the anniversary date of the account. The bank gives 10 days of grace period during this time so the account holder can decide what to do with the account.

The 18-month certificate incurs an early withdrawal penalty equal to 180 days of earnings.

Darby Direct works as the online division of Darby Bank and Trust Company. They are insured with the FDIC through certificate number 14580.

It is recommended to stay within the limits of the FDIC since the ratings for Darby Direct are not that great. Bankrate.com gave their lowest of 1 star while BauerFinancial issued 3 stars. These were based on their March 2009 figures.

Staying under the FDIC limits will give you peace of mind in not losing your money due to a bank closure. Still a downside though is that the new bank which will acquire the closed one may not honor the cd rates upon maturity. So for step up CDs like the ones offered by Darby Direct, consumers may be able to take out their money with the accrued interest and without penalty but the best feature of jumping interest rates the next few years will not materialize.