Patriot State Bank in North Carolina is offering a very tempting long-term CD. Currently, it earns as much as 3.00% APY upon maturity and is definitely one of the best CD rates offered in the state today. The bad news is that it’s not offered nationwide. As a matter of fact, for one of the top CD rates offered by the bank, it’s not even posted on the website.
If you’re in North Carolina, you’ll probably receive flyers about this promo CD from the malls. To know the details, you’re also going to have to call up a phone banker. The longevity of this Certificate of deposit is uncertain. While a bank representative told us that it will be here for quite a while, there’s nothing on print to assure us just until when it will be available.
Make sure that you call the bank first before going there with all the requirements. You’d want to make sure that the offer stays before you open an account. If it’s still available, then you should take advantage of it and apply now. After all, a 3.00% APY 5-year CD is hard to come by these days, especially one with $500 minimum deposit.
If you ask us, it seems like a pretty generous offer from any bank. Locally available banks also tend to be more stable compared to nationally available ones. The penalty for early withdrawal is also pretty standard: as low as three months’ worth of simple interest and as high as 6 month’s worth of simple interest. For one of the highest CD rates today, this is a pretty good bargain. At $500 minimum deposit, how can you go wrong?
To open the account, you will have to visit one of its branches. You can find the Patriot Bank at Clayton, Clinton, and Fuquay-Varina (very near Raleigh). If you’re concerned about the bank’s financial health, there’s really no need to worry. The bank’s safety and soundness rating is fair, scoring 3 out of 5 stars from BauerFinancial.com.
Patriot State Bank is a fairly young but trustworthy bank. It’s been a member of the FDIC since 2006, and is federally insured under FDIC Certificate # 58248.
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