Ascencia Bank’s Certificates of Deposits Offers 1.00% APY

Online banking has become very accessible nowadays especially to those individuals who don’t have time go to the bank because they have work to do. Through online banking, it has become very easy for them to track and update their accounts. One of the online banks that people can really trust is Ascencia bank that was established back in 1999. Its major headquarters is situated in Louisville, Kentucky and they are also even recognized as part of the most successful and well established internet banks in the United States.

Some people maybe apprehensive and hesitant to do online banking but with Ascencia bank they are provided with the best services and the promise that their accounts are secured all the time. One of the best services Ascencia Bank provides is their certificates of deposits. As we all know, people would want to choose the bank that offers the best deals and surely they can have this from Ascencia. The best offer this bank has is the one year CD with 1.00% APY. This is a competent rate which is much higher than the national average of 0.33%.

When people or families decide on opening a certificate of deposit account under Ascencia, they will only be required a minimum deposit of $500 and can deposit as much as $97,000. People can then choose how much they want to put into their deposits as long as it is within the range. Aside from the 1 year CD term, they also offer term periods. One is the six month period CD with an APY of only 0.81% while for the 2 year period has an APY of 1.04%. But for those who can wait for the 5 year certificate of deposit, clients can get as much as 1.56% annual growth.

For those who are planning of having the certificates of deposits just remember this CD rule. Choose a shorter term CD when current rates are low, and if you feel the rates will go up eventually, and longer term CDs when rates are high, and when you think the rates will go down over time.

1.05% APY from Ascencia Bank Secures CD rate Competency from Internet Banks

When you think of online banking, you may feel rather apprehensive about applying for an account. Traditional banking has always provided a sense of familiarity and security. Because of this, making transactions from an Internet bank may lead others feeling unsure and doubtful.

Comparison of Rates

Fortunately, Internet banks like Ascencia Bank has shown that it has what it takes to rub shoulders with the leaders in banking. Currently, they offer a 1.05% APY for 1-year CD deposits. This amount is almost comparable to CIT Bank’s 1.08% and Ally Bank’s 1.00% – both of which are operating in the traditional banking way.

The 1.05% APY offering of Ascencia Bank is higher than another Internet bank giant, Virtual Bank. The latter currently offers a 1.01% APY. However, it can be noted that while Ascencia Bank compounds monthly, Virtual Bank does so daily. Generally, daily compounding can yield higher interest, but only on a small-scale difference to the monthly compounding.

Opening a CD account under Ascencia Bank would only require you to deposit $500 at the least, and up to $97,000 at most. As with any other banks, they also offer different CD terms. For their 6-month CD, an APY of 0.75% is issued. Both 2-year and 2.5-year CDs get a 0.95% APY, while a 3-year term allows one to earn a 1.16% APY. Lastly, their 5-year CD scheme can allow up to 1.28% annual growth of your money.

In as little as 20 days upon approval of your application, your money starts to benefit from the APY offered. You start gaining interest when all fees are paid and documents are submitted or signed.

Because an APY assures you of the total percentage growth if and only if you maintain the account for the specified term, an early withdrawal will forfeit you for gaining the same benefit. In this case, penalty fees are drawn in accordance to the regulations specified by Ascencia Bank. Similarly, withdrawal is not allowed within 90 days from opening the account.

About Ascencia Bank

Ascencia Bank is among the first few online banks that started to mushroom out in the past decade. Established in 1999, Ascencia Bank was launched by Porter Bankcorp, Inc. as a subsidiary. Now, it is recognized as one of the most successful Internet banks in the country. Its headquarter is located in Louisville, KY.