bank rates

D.C. Deal: 1.40%, 4-Month CD Rates

Bank of Georgetown is offering this rate with a $1,000 minimum depositWe’ve been monitoring Bank of Georgetown’s 4-month CD rates special for nearly a year.

And while the rate isn’t as good as it once was (and the restrictions are greater than they once were), its 1.40% APY still is more than half a point better than what you’d earn from the top nationally available 3-month CDs.

In June 2010, the bank was paying 1.60% APY on its special, while average banks and thrifts were paying 0.28% APY on 3-month CDs. Today, the average 3-month CD earns 0.18% APY.

You can buy these certificates of deposit at Bank of Georgetown’s (www.bankofgeorgetown.com) eight branches in Washington, D.C., Maryland and Virginia with a minimum deposit of $1,000.

We mentioned more restrictions on this deal.

While once you could get this rate with only geographical strings attached (i.e. you had to buy the CD in person), now you must also have a checking account with the bank, which might not be worth it unless you’re looking to switch banks or already have an account there.

Without the checking account, you’ll earn just 0.50% APY, which is about a third of a point less than you can earn from the top nationally available 3-month CD on our CD Rates Leaderboard.

Compare this Bank of Georgetown deal with the best CD rates from scores of other banks in our database.

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