Dedicated to Deposits: Deals, Data, and Discussion

5.75% 12-Month CD at Imperial Capital Bank


Imperial Capital Bank (ICB) increased rates on its certificates of deposit from between 0.10% to 0.15% since my last report on July 10th. The best deal is a 5.75% APY 1-year CD. Other good deals include a 5.30% APY 3-month CD, a 5.50% APY 6-month CD and a 5.60% APY 9-month CD. All have a minimum deposit requirement of $2K. Accounts can be opened online, by mail or at a branch.

The CDs have above average penalties for early withdrawal. However, the 1-year CD penalty is not too bad at 181 days of interest. The other penalties are as follows: 90 days interest for terms of 90 to 180 days, 181 days of interest for terms of 181 to 365 days and 365 days of interest for terms of over 1 year.

ICB also has a money market account with an APY of 5.10%. However, this requires a balance over $100K. The rate for deposits under $25K is 3.65% APY. Also, there's a monthly maintenance fee for balances under $5K.

Branches are located in several cities of California and in Carson City, Nevada.

ICB is FDIC insured. rates the bank 3 out of 5 stars (performing).

Comment #1 by procol (anonymous) posted on
"However, the 1-year CD penalty is not too bad at 181 days of interest."

How much worse could it be? All the interest?

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Many 1-year CDs have a 6-month interest penalty. So I don't consider it excessive. The better 1-year CDs only have 3-months of penalty or less.