Plano-based Beal Bank has entered the online CD market with two newly introduced divisions: UmbrellaBank.com and myCDbank.com.
Targeting savings depositors and investors nationwide, the two divisions specialize in offering online-only certificates of deposit (CDs) with competitive rates. Each is currently featuring a 12-month CD at 4.65% APY with a $1,000 minimum deposit.
“CDs have long been attractive for investors seeking secure, stable returns,” Beal enterprise COO Brent Lundberg said in a statement. “However, in the current rising interest-rate environment, we want to also attract investors who may not have considered CDs in the past but are now looking for solid returns at low risk. Our current offering and online system make it easy for all investors to open a CD account at a great rate and manage the account online.”
The bank says all deposits through both divisions are insured up to applicable FDIC limits.
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