4.05% 11-Month CD at a Tennessee Bank - and a 3.50% Savings Promo (Magna)

Magna Bank is offering a special 4.05% APY 11-month CD. The minimum deposit is $10,000. Also listed in the rate table is a 3.50% APY savings account, and according to this online ad the rate is guaranteed to 1/15/09. However, the minimum balance is $100,000. The rate is 3.25% APY for balances between $10K and $100K. The yield for under $10K is only 0.90%. This Magna Savings Account only requires a $200 balance to avoid a $5/quarter service charge. So it appears to be a decent deal for a brick and mortar bank. It appears a branch visit is required to open an account. Branches are located in the Tennessee cities of Memphis, Germantown, Brentwood and Cordova. The bank has been FDIC insured... [read full story]