For anyone who hasn’t lived in or visited the state of Delaware, I’ve gotta tell you it’s pretty small. Whenever my family and I would drive to and from Florida for vacation, we would pass through the state of Delaware on I-95 and it never took longer than 20 minutes. But even though Delaware is one of the smallest US states, it’s home to the King of CD’s, Aurora Bank. Aurora Bank is an unknown as far as most of the online banking world goes but after looking at their deposit rates and options, a review of why these guys are top notch was necessary.
Aurora Bank Certificates of Deposit
I’ve written frequently on the best CD rates of all types and terms and with every single post, Aurora Bank has the highest interest rates. Sometimes, they would outperform a bank by many percentage points, other times, it would be only by one. This means that Aurora Bank is always conscious of what other banks are offering and they’ll be up to the challenge of beating competitors rates. Whether or not you like the idea of investing in a CD, you have to like the way Aurora Bank does business.
To show you just how competitive Aurora Bank CD’s are, you’ll find a table below with their up to date interest rates. (Rates are current as of 6.30.2011)
Term Length $0 - $100,000 $100,000+
6 Months 1.05% APY 1.06% APY
12 Months 1.21% APY 1.23% APY
18 Months 1.34% APY 1.36% APY
2 Years 1.47% APY 1.49% APY
3 Years 1.77% APY 1.79% APY
4 Years 2.00% APY 2.03% APY
5 Years 2.35% APY 2.37% APY
With the continued decrease of interest rates, you’ll never have to worry about having the best CD interest rate when you own an Aurora Bank certificate of deposit. You may even want to consider building a CD ladder with these guys, which will allow for a little liquidity in an otherwise long term investment.
Aurora Bank Savings and Checking Account
In addition to the best CD rates around, Aurora Bank also does a pretty good job in offering consumers an online savings and checking account. In order to qualify for an interest rate in either account, a consumer must maintain a balance of $1,000. Current interest rates on the Aurora Bank savings and checking account are as follows:
- Savings Account – 0.89% APY
- Checking Account – 0.84% APY
All deposit accounts opened through Aurora Bank are FDIC insured, up to $250,000 per depositor. This means that if you have a savings account and checking account through Aurora Bank with $250,000 in each, only half of your $500,000 is covered.
Unlike many other online banks, there is no monthly fee associated with the online savings or checking account offered by Aurora Bank, as long as the average daily balance of the account is $500. However, there is a somewhat long list of applicable fees for certain services, pasted below for your convenience. Pretty sure I would never need any of these services but some might.
No matter what banking service you need, Aurora Bank can deliver. Founded in 1921, Aurora Bank continues to be a bank consumers can trust, and right after I publish this post, I’m going to lock in a 5-year CD. If you’d like to do the same, visit www.AuroraBankFSB.com and have your pick at the best CD rates around.