Bank of Internet just raised its 1 year CD from 1.21% to 1.27%. This isn’t really a huge rate increase but it is nice to see some rate increases when overall CD rates have been dropping steadily. The minimum deposit on this CD is $1000.
The Bank of Internet CDs feature:
- Multiple beneficiaries can be included in the application
- You can select ownership designation as POD, ITF or ATF
- You can select the following types of accounts in the application: Joint, Trust, Non-Profit Corp. and UTMA
- In the application you can select to have interest added back into the CD or paid out monthly to an outside bank via ACH
- The CD rate is determined on the day Bank of Internet receives your application – this rate is reserved for a period of 10 business days to allow time for your deposit to arrive
- No IRA accounts available
- Early withdrawal penalty is 6 months of interest for terms of 12 to 23 months
- Grace period at maturity is 10 days
- Forfeit interest earned during grace period if you close the CD
This rate is current as of 7/6/2011.
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