Affinity Bank 8-month CD at 2.25% APY

Affinity Bank is offering an 8-month CD paying 2.25% APY. Currently, that's a bit more than the best 6-month CD rate but a bit under the best 12-month CD rate. The minimum balance to receive the rate is $10,000.

The application process is basic. Interested customers fill out a form on the site and then print it out. The form as well as a check with the deposit amount is the mailed to the bank. An Affinity Bank customer service rep told me that the bank will honor the rate five days from the postmark date.

To withdraw money, consumers will need to call the bank and after validating that they own the account, the bank will mail a check. The money can also be wired out for a $30 fee. It's not exactly state-of-the-art but it will get the job done.

About Affinity Bank

Affinity Bank was originally named San Francisco Thrift and Loan and was incorporated in 1982 as a local bank serving the San Francisco Chinese-American community. In 1995, the Bank was sold to Affinity Group, Inc. (AGI). The company’s headquarters were relocated to Ventura, California and the Bank was renamed Affinity Thrift & Loan before becoming Affinity Bank in 1997. In 1999, AGI transferred ownership to Affinity Bank Holdings, Inc., a privately held corporation.

Affinity Bank began its new life by offering high-yield deposit products to customers of its two branch offices and by advertising to members of several travel and leisure clubs located throughout the United States. Today, the company offers a complete array of business and consumer deposit products including checking, savings, money market accounts, certificates of deposit and IRAs through a growing network of local branches and a national call center.

The bank has a terrible Bauer rating for its safety and soundness - 0 out of 5 stars. Affinity Bank is FDIC insured (FDIC Cert: 27197). The bank has approximately 1.2 billion in assets at the end of 2008.