CD rates for this week have been slow in increasing their interest rates. But it’s a different story with Keysource Commercial Bank. It promises higher than average CD rates throughout the different maturity terms it offers.
About the Rates
One of the great things about Keysource Bank is that it offers the perfect solution for short-term certificates of deposit. A comparison from another leading short-term CD offer from Ally bank shows us their rates are very competitive on the national average.
Term – Keysource (APY) – Ally Bank (APY)
Less than – 3 months – 0.30%
3 months – 0.50% – 0.39%
6 months – 0.85% – 0.74%
9 months – 0.95% – 0.74%
12 months – 1.15% – 1.01%
18 months – 1.20% – 0.99%
24 months – 1.25%
36 months – 1.50% – 1.34%
48 months – 1.75%
60 months – 1.95% – 1.74%
It can be noted that on a national level, an APY of 0.45% for a 6-month CD and an APY of 0.74% are the average rates these days. With the offerings from Keysource Bank, one can get a better deal and roll a higher amount over to the initial deposit.
As can be observed, short-term rates seem to be the best that Keysource can offer. So if you’re planning to set aside a specified amount when an impending need comes within this year, these terms are perfect for you. While long-term rates are generally preferred, they can also cost you interest rates that remain the same despite any changes or rises in the future.
Opening an Account in Two Ways
Keysource Bank requires a minimum initial deposit to activate your CD maturity. You can either do this in person or online through their official website. However, the minimum deposit will depend on your mode of application.
If you choose to open an account in person, you need $100 in order to do so. Keysource has branches throughout North Carolina, and is widely known to be the largest bank chain in that location.
You can also open an account online. You will be asked to deposit at least $5,000 to do so. To help you along the process, you can contact a Customer Service Representative to guide you.
What Happens Next?
Once you’ve set up the account of your type, you need to leave the money in the bank for the specified period of time. After maturity, you can proceed to withdraw the whole amount, deposit and interest. If you choose reapplication, you may do so as well. This is a great opportunity for you to watch your money grow even more.
So what are you waiting for? Open an account with Keysource Commercial Bank now.