Centennial Bank through its online division CBDirect.com offers a very attractive money in the bank deal called Optimal Online Savings Account which has current interest rates of 1.50% APY.

Interested individuals can open and fund this high yield savings account online. Minimum balance requirement is just $1. All earnings compound on a daily basis and credited to your account on a monthly basis. This savings account can be opened by qualified individuals from any state of the U.S.

When you complete the application form for this high interest savings account, you will get an email from the bank letting you know that your account has been approved. You will also get emails instructing you how to complete the application process. Once completed, you will be given a username sent through your email inbox. A temporary password will be sent via snail mail.

Once you can access your online savings account, you can fund the account by transferring funds electronically from your linked accounts. These funds will be going through ACH and complete the process in 2 to 4 business days. You can also mail in a check for initial funding if that is your preference. You can find the information on how to send the check on the bank’s website.

The website does not detail the fees and limitations which may affect the earnings of your savings. You can contact the bank through their customer service at 1888-449-3398. The bank is headquartered in Orem, Utah.

Centennial Bank is insured with the FDIC since 1989. It is indexed under certificate number 32707. They have deposits of around $708.5 million and about $872.9 million.