Inauguration CD Rates

We are looking at banks in Washington D.C. that offer the highest CD rates while the new president is worn in.  Independence Federal Savings Bank is one such bank that is headquartered in D.C.

Independence Federal Savings Bank’s main office is located in Washington, D.C. with two branch offices in Northwest Washington, one in Chevy Chase, Maryland and one in Silver Spring, Maryland.  The bank is a federally chartered stock savings in which the deposits are insured by the Federal Deposit Insurance Corporation and the bank is a member of the Federal Home Loan Bank of Atlanta.  The geographic market served by the bank extends throughout the greater Washington metropolitan area, including suburban Maryland and Northern Virginia.

Independence Federal Savings Bank has several types of savings and investment accounts offered to consumers and businesses.  Included among thee consumer financial product and services are money market deposit accounts, commercial deposit accounts, Individual Retirement Accounts, certificates of deposits and standard savings accounts.  The bank also provides online banking services, automatic payment systems, automatic payroll and Social Security payment deposits.  The bank is primarily engaged in investing in residential real estate loans, first mortgage lending, mortgage-backed securities, government agency securities and student lending programs

The bank offers certificates of deposit in a broad range of maturities, each designed with a particular goal in mind for the customer.  The bank CDs can be opened for as little as $1,000.00.   The bank has several short term CDs.  The shorter term savings certificates have a maturity range of 3 to 18 months, to give the CD accountholder fast, ready access to their money.  The bank also offers long term CDs for its customers.  For the bank CD investor who has a long-term outlook, the CDs with maturities of 2 to 5 years reward the accountholder with the highest yields the bank has to offer at this time.

Current bank CD rates stand as follows:
6 month CD earns an interest rate of 2.25% APY.
1 year CD has an interest rate of 2.50% APY.
18 month also has an interest rate of 2.50% APY.
2 year CD yields a rate of 2.75% APY.
30 month CD has an interest rate of 3.10% APY.
3 year CD also has an interest rate of 3.10% APY.
4 year CD earns an interest rate 3.20% APY.
5 year CD yields a rate of 3.30% APY.

There is a $1,000.00 minimum deposit requirement for the bank CDs.  CD rates subject to change without notice and additional conditions may apply to open these bank CDs.  Independence Federal Savings Bank can be reached at 1-888-922-6537.  The bank website holds the current CD rates as well as interest rates on other bank products, the web address is www.ifsb.com.

Tags: Banks, best CD rates, CD rates, Independence Federal Savings Bank, rates, savings, Washington D.C. CD rates

This entry was posted on Wednesday, January 21st, 2009 at 12:59 pm 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.