Century Bank Direct is offering 4.54% APY on its Online Saving Account with a minimum requirement of only $100.
Century Bank Direct is a division of Century Bank of Kentucky, Inc., a community bank located in Central Kentucky. The Bank is FDIC insured for $100,000 per depositor. Since the banking is completely online, the security measures are tight. The bank’s data is protected behind a rigid firewall. The information transfer is secure as information is insured through 128-bit SSL encryption which means that the information that you send and receive would not be available online in readable format.
The account features are simple. Free online banking with no minimum balance to maintain. They charge no monthly on the account. The interest is compounded on the entire amount deposited. Account statements are available online as e-statements. The monthly withdrawals are limited to three withdrawals per month as regulated by the Federal regulations. Any additional withdrawals would cost $5.95 per withdrawal. The money can be transferred to any account of yours electronically. And if you need to send money through some other bank then you can wire it to your account.
As it is Online Saving Account, you can not receive cheques. If you want to get a cheque then the bank should be contacted through email or telephone and informed about the withdrawal so that they can send you a cheque. This procedure seems a little hefty, but if you have an account in another bank, then you can simply use account-to-account transfer. For more information, please see open an account apply here.
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