Sterling Bank of New Jersey is offering two promotional IRA Rates, a 10 month IRA at 1.70%APY and a 20 month IRA at 1.95%APY. The two IRA terms require at least $500 minimum amount to open and $500 minimum balance to obtain the APY.
The special IRA rates are effective June 25, 2009 but may change without notice. There are also fees that could reduce your earnings and a substantial penalty for early withdrawal.
Worth noting is the big difference of these special IRA rates to that of the regular IRA rates that the bank offer. For example, a 36 month regular IRA rate offer is only 1.90%APY compared to the 20 month special IRA rate offer of 1.95%APY.