Bankers Trust is offering special CDs with two of the them being exceptionally attractive – the 7-Month CD that is paying 1.25% APY and 48-Month CD that is paying 2.55% APY.

Bankers Trust Competitive CD Rates

Bankers Trust operates customer branches in Arizona and Iowa but their CD rates offers vary in different cities. The great short-term 7-Month CD rate of 1.25% APY is available at Bankers Trust branches in the following cities: Phoenix (Arizona), Ames (Iowa), and Des Moines (Iowa). The 48-Month CD is available only in Cedar Rapids (Iowa).

Bankers Trust will not impose a penalty on early withdrawals if you have a Bankers Trust checking account and the reason for the early withdrawal is a medical emergency. According to a Bankers Trust representative in Phoenix, the early withdrawal penalty for the entire balance of the 7-Month CD is 3 months of interest but penalties for partial early withdrawals vary depending on the amount withdrawn. According to a Bankers Trust representative in Cedar Rapids, the early withdrawal penalty is 6 months of interest with no partial withdrawals allowed (you’d have to withdraw the entire CD balance).

Accounts at Bankers Trust can only be opened by visiting a local branch in person.

CD TermCity, StateAPY (as of 2/16/11)Minimum to open
7 monthsPhoenix, Arizona1.25%$1,000
7 monthsAmes, Iowa1.25%$1,000
7 monthsDes Moines, Iowa1.25%$1,000
48 monthsCedar Rapids2.55%$1,000

CD Rates Compared to Other Banks

The 1.25% APY for a 7-Month CD is not easily compared due to odd terms but it beats the leading 1.10% APY for a 6-Month CD at Aurora Bank and nearly reaches the 1.31% APY for a 12-Month CD at Bank of Internet. There is a case to be made for online high yield savings accounts that are offering the same (or better) returns without locking in money.

The 48-Month CD rate beats the other 4-Year CDs currently tracked on – the highest is from OneWest Bank at 2.25% APY. Furthermore, it is highly competitive when compared to EverBank’s 60-Month CD rate of 2.61% APY.

Smaller, community banks are commonly known for being able to offer higher rates than online banks so it may be worth the time to research CD rates by state rather than jumping on the high CD rates available on the Internet.

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