Smaller Local Banks Offering Loan Rates, Money Market Rates, CD Rates Online
July 02, 2008
The banks with the biggest presence on the internet like Countrywide Bank, IndyMac Bank, E-Loan Bank, and Bank of Internet (to name a few) make applying online for bank account a very simple process which can take less than ten minutes. Typically, the account and rate is reserved once the online application is completed and the customer mails in the signed account application with the required forms of identification. The account is funded within a week and most banks honor the original rate in the event the rate has been decreased waiting for the mailed application and check. Local banks who offer high rates have until recently been unable to make the application so streamlined, but in the last few months a noticeable number of less recognized banks have opened up their deposit process to include customers from outside their geographical region. Even if the bank does not have a APPLY ONLINE badge on their website the bank may still accept the application and funds via the US mail. The advantage of the smaller less-recognized banks is that in some cases their financials are stronger than the larger banks who have exposed themeselves to the subprime mortgage market and in most cases it is easier to get personalized service with a call to their customer service department. The three banks listed below all offer a simple application process through the US mail or online.
Amegy Bank 3.65% APY Money Market Account
Atlantic Coast Bank 5.00% APY 5-year Certificate of Deposit (CD)
Tennessee Commerce Bank 4.30% APY 3-year Certificate of Deposit (CD)
View a complete list of bank rate deals by state
Surprisingly it can also in some cases be a simpler process to get a loan from a small bank a thousand miles away rather than the large multi-state bank right down the street. Atlantic Coast Bank offers specific loan programs for new Autos, used Autos, New RVs, Used RVs, as well as boats, motorcycles and farm equipment. While the loan may be sold right away to a larger lender that doesn't take away from the easier application process. In additon, the loan rate itself in many cases matches or beats the rate offered through Quicken Loans or LendingTree.com with their more complicated loan application process. Find more information on loan rates.
