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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.