Get a 2.50% APY CD rate on a 2 year certificate of deposit – the highest rate found this week.

Tennessee Commerce Bank offers the highest APY on a 2 year CD, and also a very attractive 2.3% on savings accounts.

The savings rate is for balances between $250 to $100,000 and requires a low minimum $250 deposit to open an account. You also have to maintain a minimum balance of $250 to avoid a $2.50 monthly fee. There is a $2.50 charge for more than one withdrawal per month from the account.

Problem loans

Problem loans created a losing quarter for parent company Tennessee Commerce Bancorp Inc., which lost nearly $7 million in the second quarter of 2009.

The Franklin-based bank (NASDAQ: TNCC) reported a net loss of $6.9 million, or a loss of $1.46 per diluted share, in the second quarter ending June 30, compared to a net gain of $1.8 million, or 38 cents per diluted share, in the year-ago period.  Total income from interest and non-interest sources came in at $18 million, up 4 percent from the previous year’s quarter level of $17 million.

The bank’s loan loss provisions rose to $13 million in the second quarter, up from $2.3 million in the same quarter a year ago.

“Our loss for the quarter was due primarily to an increase in our provision for loan losses,” said Mike Sapp, President of Tennessee Commerce Bancorp. “We continue to be aggressive in moving problem loans through our system and reported a 24.7 percent decrease in non-performing loans since the first quarter of 2009.”

Tennessee Commerce Bank is FDIC insured – meaning your deposits are protected up to $250,000.

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Tagged as: 2009 CD Rates, bank cd, Bank Deals, cd, cds, certificate of deposit, Savings Accounts, Tennessee Commerce Bank

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