If you are into saving for the long haul then a certificate of deposit for no less than a 2 year term, might be for you. Longer term CD rates will pay the highest interest, which is still vastly lower than just a few years ago. A two year CD from Federation Bank is paying a rate of 1.71% APY.
The great aspect of this CD is the low minimum deposit of $500. Some certificates of deposit require a much higher minimum, forcing many people to look elsewhere.
Federation Bank is located in the great state of Iowa and branches can be found in Brighton, Wellman, Richman and two in Washington. In 2003 Washington Federal and Rubio Savings Bank merged to form Federation Bank, while Rubio Savings has been around since 1906. This is a bank that is well developed and offers other great services other than their excellent CD rates. Be sure to visit a branch location nearest you for other CD rate offers.