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Unless my eyes are failing which is possible, Bankrate listed a 1 year CD at Charter One Bank with an 3.4-something APY for part of a day last week.

The rate changed to 3.25 APY by the time I called. Charter One is FDIC insured and has 450 branches in Illinois, Massachusetts, Michigan, New York, Ohio, and Vermont. I suppose they are as safe as anywhere. Despite overwhelming call-in response, the guy on the phone was efficient and nice. The certificates arrived within a week by mail. The only down side is I am not sure from the booklet they sent what the early withdrawal penalty is for this type of CD and I don't care about that in this case. I am happy and lucky to have what I got.

Charter One's Bankrate rating changed from three arrows to unrated "U" since then, and the APY dropped to 2.90. I guess the lesson in this story is that Bankrate's CD listings can change fast, both up and down.

http://www.bankrate.com/brm/rate/high_home.asp
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