1.60% APY best cd interest rates for 12-month CD with The Palladian Private Bank
Posted on April 13th, 2010
The Palladian Private Bank continues to push for their best cd rates. The internet bank offers competitive cd rates with the best interest rate at 1.60% APY for their 12-month CD and another money in the bank deal is the 6-month certificate of deposit earning 1.30% APY.
Interested consumers can benefit from the highest cd interest rates by opening an account with an initial deposit of at least $10,000.
Palladian operates under the umbrella of The Private Bank and Trust Company. We have confirmed the connection between the two companies and they are actually using the same online application and banking system.
The fine print on the promo page of the certificate of deposit says that the current cd rates are effective for two weeks which means they will lock the interest rates for you for 14 days until they processed it and you send in the funds.
These good certificate of deposit deals are offered nationwide. Funding of the account can be done via ACH transfer from your existing bank account. The customer service rep we spoke to was not sure if they do a hard credit pull when you apply for an account. So ask first if you are being careful of not having dings on your credit report.
Palladian also imposes an early withdrawal penalty equal to 3 months of interest if you have certificates of one year or under. They give account holders 10 days of grace period to decide to renew or close the account. Upon maturity of your account, the bank cannot wire transfer or send the funds via ACH but the best option they give is to transfer it to your savings account with Palladian.
The attractive cd rates are the win-win factors here but the bank has weak internet banking structures which may be a bit inconvenient for a lot of consumers.
PrivateBanncorp Inc. which is the mother company of the bank operates in several major cities like Denver, Cleveland, Chicago, and Atlanta. They have 34 offices spread across 10 states.
BauerFinancial issued 3 ½ stars while Bankate.com gave 2 stars for the banks soundness and safety. These ratings were both based on their September 2009 data.
The bank is covered by the FDIC with certificate number 33306.
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Tags: Bank, Palladian Private, Palladian Private Bank, Private Bank
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