Community First Bank of Howard County is offering some competitive CD rates (2.75% for 24 months with a $500 minimum deposit.)
The bank, with three branches in Kokomo, Ind., can afford that because it pays almost nothing on its money market and savings accounts.
How little? Try 0.10%, even on deposits of $500,000 or more.
But what earns First Community this week’s beat down is the special “Piggy Bank” account it promotes to savers under 18 years of age, with no monthly fees and “competitive interest earnings.”
What’s the competitive rate Community First is paying the local kids?
You guessed it: 0.10%.
So go ahead young Hoosiers, entrust your $250 in baby sitting money to Community First and in a year you’ll have earned a whole quarter. Don’t blow it all at one gumball machine.
(3 votes, average: 4.67 out of 5)
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