The Tennessee Commerce Bank is offering a 2 year CD rate of 2.10% APY and a 3 year CD rate of 2.50% APY. The minimum deposit of both accounts is only $2,500. Both of these high interest CD rates come with an early withdrawal penalty of 6 months’ interest and are available nationwide.
It is easy to fund a new account with Tennessee Commerce Bank, either through ACH transfer, wire or check. Applications can be submitted through their website, by mail or even fax. Two forms of ID will be needed to open one of the CDs. Sending money via a wire transfer is free, but an outgoing wire will cost $25.
To close your CD at maturity you will need to submit the request in writing, otherwise the CD will be renewed for another term.
Tennessee Commerce Bank has a 2 of 5 star soundness rating through Bankrate and is FDIC insured.