Due to their yield, rate, and stability, certificates of deposit are among the most popular forms of investment returns anyone can have. It’s relatively low-risk, plus you can get to choose the period of time for how long you want your investment to run for.
Beal bank offers really great and competitive rates these days. There are different rates for different states, but the best offer they have is their one-year APY of 1.01%. This amazing offer is open to residents from the zip code 72205.
To get this rate, an online application is needed.
Comparison of Rates
Aside form the 1-year term, they also offer other maturity periods. For their 3-year term, the APY and interest rate are both fixed at 0.51%. A 6-month term offers 0.61%, while a 9-month maturity yields 0.71% in both APY and interest rate.
The minimum deposit required to open a CD account in Beal Bank is $1,000. This amount should be kept in the account daily for the whole period of time. Otherwise, an amount lesser than this will be regarded as early withdrawal and penalty fees will be issued.
The penalty fee for CDs of less than 1-year is either 1% of the withdrawn amount or half of the total interest that would have been incurred throughout the whole maturity term. Penalty fees for early withdrawal for more than a year CD rate is either 1% of the withdrawn amount or the total replacement cost. The amount of this replacement cost is discerned only by the bank.
The APY for each given term is incurred only after maintaining the account for the whole period of time. The disclosed rate will be paid to you upon maturity of the certificate.
When the maturity period arrives, you will have ten days to decide whether you want to withdraw the total amount or sign up for another term. If nothing is done, Beal bank does automatic renewal. This renewal term will be the same as the original. However, the interest rate and the APY at this time may change.
There are a lot of fees for every different transaction, and these may reduce your total interest yield. Be sure to minimize unnecessary transactions so that you can get the most value for your money.
About Beal Bank
Beal Bank has been in service since 1988. Currently based in Dallas, Texas, it is one of the most stable financial institutions today. Total assets are estimated to be at a $3.5 billion in excess last year.