Provident Direct is offering some competitive CD rates. There’s a 4.00% APY 18-month CD and a 4.35% APY 36-month CD. The 18-month CD has a minimum deposit of $1,000, and the 36-month CD has a $10,000 minimum. The maximum allowed deposit is $500,000.
These can be opened online with an electronic funds transfer (ACH) or you can mail a check. According to the CSR, they can’t do a reverse ACH when the CD matures and you don’t want to renew. You can either request a check or have the money transfered into a Provident liquid account. Their online savings account would make this easy.
According to the Consumer Deposit Account Agreement, the early withdrawal penalty is equal to 6 months of interest for terms over one year.
In addition to applying online at Provident Direct, you can open by phone, and for those who live near a Provident branch, you can open the CD at a branch. Provident Bank is also advertising the 4.00% APY 18-month CD. This has a minimum deposit of only $500. However, the 36-month CD is only 4.00% APY (see rate table). Branches are located in Maryland and Virginia.
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