High CD Rates from a Bank Helping the Community

City First Bank of D.C. is a Community Development Financial Institution that is established for the purpose of building the economic health of underserved communities in the Washington, DC area.  The banks primary mission includes strengthening and promoting investment in the neglected and underserved communities in Washington, D.C.  As part of the banks mission, the bank carries out the financing in the acquisition and renovation of affordable housing, providing loan facilities and working capital for nonprofits and faith based social service organizations and providing loans to small business owners.  Furthermore, the bank works on providing credit, banking services, and access to financial education for individuals, organizations and businesses in the area served.

All of City First Bank products and services are available at the banks only full service branch located in Washington D.C. as well as electronically through the internet. The bank offers a full range of banking and financial services, including specialized products that are designed to support their community development mission.  Some of the deposit products and services include checking and savings accounts with no fees and minimal deposit balance requirements as well as certificates of deposit and money market accounts.

The banks certificates of deposit offer competitive fixed interest rates that are higher than typical savings accounts.  Terms ranging from three months to five years allow the accountholders to choose the term that works best for their savings needs.  The banks fixed rate CDs not only gives the accountholder a guaranteed rate of interest for the term they select but all of the bank CDs have a minimum deposit of only $500.00.

The bank CD rates now being offered include:

3 month CD that has an interest rate 1.00% APY.
6 month CD with an interest rate of 1.31% APY.
12 month CD that yields an interest rate of 1.92% APY.
18 month CD which earns an interest rate of 1.71% APY.
2 year CD that has an interest rate of 1.46% APY.
3 year CD with an interest rate 1.76% APY.
4 year CD which yields a rate of 1.81% APY.
5 year CD that earns an interest rate of 2.02% APY.

In addition to the bank CDs, the bank offers a competitive money market account.  The bank money market account is a safe and secure way to get a competitive rate of return on excess funds while still maintaining liquidity.  Some of the benefits of the money market accounts includes:  no monthly maintenance fee with minimum balance requirement, tiered interest rates that results in the more then money market accountholder saves the more that will be earned, no maturity dates, limited check writing, unlimited deposits, transfers, and withdrawals made in person or by mail up to six pre-authorized transfers each month, free online internet banking, online bill payment, and online statements.

The current rate on the money market account is 0.25% APY on balances of $0-$99,999.00 and an interest rate of 1.00% APY for balances of $100,000.00 to $249,999.00 and an interest rate of 1.21% APY for balances between $250,000.00 to $749,999.00 and finally an interest rate of 1.46% APY for balances greater than $750,000.00.  This is a variable rate account that has a minimum $500.00 deposit to open.

These CD rates and money market rates are subject to change at any time.  Additional conditions may apply to open these accounts.  More information is available by speaking with a bank representative at 202-243-7100 or visiting the bank web site that can be found at www.cityfirstbank.com.

Tags: Banks, best CD rates, CD rates, City First Bank, money market account, rates, savings, Washington D.C. CD rates

This entry was posted on Wednesday, January 21st, 2009 at 9:13 am and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.