bank rates

3.05% CD Rates Deal Could Go National

Maine’s Androscoggin Bank is offering 60-month “blended” CD rates that beat the top nationally available deal.

Androscoggin Bank is offering this blended rate deal with a $500 minimum deposit.It’s paying 3.05% APY with a $500 minimum deposit.

The bank says the deal should be available online to national savers within a few weeks. For now, you have to visit one of the bank’s 13 locations.

We’ll keep an eye on this deal to see when it’s available everywhere.

The 3.05% APY is the result of the bank blending, or combining, five different annual percentage yields over the course of the term.

In this case, the APY is 1.00% for the first year, 2.02% for the second year, 3.04% for the third year, 4.07% for the fourth year and 5.12% for the fifth year.

If you withdraw your funds early, you won’t get the full benefit of the blend – and you’ll pay a hefty 365-day penalty, too.

The rate on this hybrid CD beats the top nationally available 60-month CD rate by over a tenth of a percentage point. (Check out our latest CD Rates Leaderboard.)

You can buy these certificates of deposit at the bank’s branches in Auburn, Brunswick, Gray, Jay, Lewiston, Lisbon Falls, Livermore Falls, Portland, South Paris and Turner.

See how these returns compare with the best CD rates from scores of banks in our extensive database.

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Comments (2)
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2 Existing Comments
  1. Christine Conrad said:
    on May 6th at 11:08 am

    Due to an extremely positive response from our existing and local customers, this product will not be offered online. However if you find yourself in Maine, we’d love to meet you and welcome your business.

    We really appreciate the interest and especially thank Bankaholic for providing such great information on rates and products.

    Christine Conrad
    Chief Customer Officer/Senior Vice President

  2. Kathy at Bankaholic said:
    on May 16th at 09:39 am

    This rate is still available as of May 16, 2011.