FT. LAUDERDALE, Fla. -- Glendale Federal Bank has introduced a 21-month certificate of deposit that features an introductory interest rate of 5.2% with a minimum deposit of $10,000.

The interest rate on the new certificates is locked in on the day of purchase, guaranteeing customers that rate of return throughout the 21-month term. Glendale Federal Bank operates 214 community banking offices in Florida, California, and Washington.

"Some customers are reluctant to tie up their money in four- or five-year certificates, while others are missing out on the three- or six-month certificates," the Ft. Lauderdale reginal bank manager, John Nye, said in a prepared statement.

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