CHATSWORTH, Calif. - Great Western Financial Corp. has introduced an 11-month maturity certificate of deposit that carries no penalty for withdrawals made more than seven days after deposit.
The flexible CD, called Free Access, yields 5.05% - the same rate offered for a conventional nine-month certificate.
"It's like a liquid account, only you earn the interest monthly," a company spokesman said.
Great Western periodically tests new products, he said, and depending on customer acceptance of the 11-month option, additional certificates with varying maturity may be offered without withdrawal penalties.
The Free Access CD requires a $2,500 minimum deposit.