I am starting a series of articles that will be providing some Bank CD Rate information from around the web. I’m beginning with rates from California, after all, that’s my home state.. So if the information is helpful, please tell your friends and/or link to this article. Also, leaving comments is always appreciative. Of course, please let me know if there is anyway to improve the posts.
Partners Federal Credit Union — Partners in the past has had some great rate offers. They use to allow members from anywhere you just had to join one of their affiliated associations. However, once they merged they stopped offering that. They also use to offer bonuses for opening relationship type accounts. Bonuses were as high as an additional 0.40%. I don’t know if they are doing that anymore. The CD Rates aren’t very good. 6-month at 1.16%, 1-year at 1.25%, 3-year at 1.90%. $879MM in assets. They are currently profitable but may have some problem loans. They are in southern CA after all. 2-star rating.
Imperial Capital Bank — Imperial Capital has good rates and they offer either an on-line process or CDs can be opened through the mail. Rates are: 6-month at 1.49%, 1-year at 1.80%, 18-month at 2.04%, and 2-year at 2.27%. FDIC# 26348. The bank has $4BB in assets, but their Capital ratio is quite low at 4.20%. Rated 1-star (*).
Union Bank, NA — Union Bank may require a branch visit, but they have branches all over California. Like many MegaBanks their CD Rates aren’t impressive but they do offer complete wealth building services. They have $73BB in assets. Their 6-month loss is $90MM, but they still earned a 4-star rating. The CD Rates aren’t really worth mentioning. For example, the current 1-year CD Rate is 0.75% APY. They have a $350 minimum deposit. That is an odd number.
The California Credit Union — California CU is open to all. You have to either be a current member of the PTA or PTSA or make a $5 donation. You can also gain membership by contributing to an organization like PBS. They need an additional $5 to go into a savings account. They are large for a credit union with about $1.5BB in assets. They have a 9.53% capital ratio. They currently have a loss, but still are rated 3-stars (***). Unfortunately the rates aren’t that good. 6-month at 0.600%, 12-month at 0.950%, 5- year at 3.000%. NCUA# 60784
Like some other states such as Georgia, Florida, and Illinois, many california banks are experiencing income and capital pressure. If you don’t want to deal with a failed bank, review their financials carefully. Here is a source for other CD Rates California