There are a variety of CD terms offered through CD Bank. The terms range from three-month to 60-month terms. There are nine CDs offered between those terms. There are no fees to open the accounts or to maintain the account. The only fee is if you withdraw the money before the CD reaches maturity.
Each of the accounts offered through CD Bank offer competitive interest rates. The rates are competitive with other online CDs. The rates are much higher than typical brick and mortar bank rates.
CD Bank is an entirely online bank. You can open any CD term online as long as you meet the requirements. You must be at least 18 years old and a U.S. citizen or resident alien. The process to open a CD with CD Bank is completely online.
Usually, with CDs, the longer terms earn more competitive interest rates. However, some short-term CDs from CD Bank offer more competitive rates than the longer terms. The 9, 12, 18, and 24-month CD terms offer the most competitive interest rates.
CD Bank offers a limited amount of accounts. They only offer personal deposit CDs. Those CD terms range from three-month to 60-months. There are no other personal deposit accounts available. There are also no business accounts offered through CD Bank.
The easiest way to fund CD Bank accounts is to link the account to an external account. You can mail a check or request a wire transfer. To make electronic transfers does require a linked external account. Money can only be deposited into CD accounts at CD Bank during the grace period after the CD reaches maturity.
The amount required to open any CD with CD Bank is high. Each term requires $10,000 to open. You must also have $10,000 in the account to earn the most competitive interest rate. Balances under $10,000 do not earn the competitive interest rates.
Customer service for CD Bank has specific hours. They are open Monday through Friday from 9 a.m. to 5 p.m. Central Time. If you contact customer service after hours, they will address your issue the next business day.
American Eagle CDs can earn higher interest rates if you earn the relationship bonus. To receive this bonus, you must have $5,000 in a qualifying checking, savings, or money market account. With this bonus, you earn around 0.15% more interest on the money in your CD.
American Eagle offers a Golden Eagle checking account for senior citizens. To qualify for the senior account, you must be over 55 years of age. This account offers unlimited check writing, no monthly fees, and a higher interest rate than their other checking accounts.
The Eagle Saver Kids Klub only requires $1 to open. Kids must be under 17 and have a parent or guardian co-signer. For every deposit made, kids earn ‘Wooden Nickels.’ Kids use those nickels to get prizes.
The American Eagle Platinum NOW checking account is for government and nonprofits. It only requires $100 to open. There is no monthly fee with at least $500 in the account. This account offers unlimited check writing, an ATM or debit card with no fees, and earns interest.
In the name of security, the American Eagle debit card may not work in all areas. Those areas include New York, New Jersey, Washington D.C., Delaware, Florida, Georgia, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina, Virginia, or Canada. If you travel to these areas, you must call the bank in advance to make sure your debit card will work.
CDs require $1,000 to open and earn interest. The CD terms vary in length from six to sixty months. Special add-on CDs let you make unlimited deposits of at least $1 or more.
The business checking account limits transactions each month. You must not exceed 500 debit and credit transactions per month. There is a fee if you do.
Not all American Eagle accounts are available to everyone. You cannot apply online for an account. You must call a local branch to get information and apply for an account. Some products are only available to current customers and those living in certain areas.