Dedicated to Deposits: Deals, Data, and Discussion

6% 12-Month CD Available to All at Kaiser Bank - $50K Min

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Kaiser Federal Bank is offering a 6.00% APY one year certificate of deposit. The minimum is $50K, and it requires money new to the bank. See rate table (pdf). The bank is also offering a 6.00% APY 5-year IRA CD. This requires a minimum of $225K of new money.

Unfortunately, Kaiser has stopped offering the 6% Dream Savings account for balances over $75K. I had reported on this savings account in late September. However, I was told by the bank that those who had already opened it will retain the same terms so at least they'll be able to keep the 6% for awhile.

The bank has branches in the California cities of Bellflower, Covina, Fontana, Harbor City, Los Angeles, Panorama City, Pasadena and Santa Clara.

According to the bank's custumer service rep, you can open any account except a checking account by mail (even those who live outside of California).

The bank has been FDIC insured since 1999. The bank has a 4 out of 5 star safe and sound rating at Bankrate.com.

Thanks to the reader who mentioned this CD in the finding deals post.


Comments
7 Comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
Unfortunately, the 6% 5-year IRA is only available to those in California.

However, the 6% 1-year CD is available nationally

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Comment #2 by Anonymous posted on
Anonymous
I called this morning and applied for this product by phone. I was told a packet is coming to me. I was just called back from the customer relations person who took the info and told that the bank "pulled" the product. No longer available. I told them that my banks here would honor it since I filled out the information. They said they are calling me back. Very unprofessional.I am VERY DISAPPOINTED .

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Comment #3 by Shanny (anonymous) posted on
Shanny
I didn't actually have anything officially "in the works" with them, but I'd been emailing a CSR the past few days. She just responded to one of my emails that they no longer are offering the CD.

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Comment #4 by Anonymous posted on
Anonymous
Got the same call today. I sent my check and application to Kaiser, yesterday.

I am waiting to hear back to see if they will honor the 6.00% CD. I told the CSR if they won't honor the 6.00%, I do not want to open an account at 5.50%, APY. Heck, I can move my money into my E-Loan MM account and 5.50%, APY.

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Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read that Kaiser is already ending this 6% CD. This seemed to end quicker than the 6% savings account.

Hope they at least honor the 6% CD for those who have already submitted the application in the mail. Please let me know how they handle it.

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Comment #6 by Anonymous posted on
Anonymous
Update:

Kaiser refused to honor the 6% rate even though I applied 1 1/2 weeks ago, and immediately sent my application and deposit to them the day that I received the application. (Monday)

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Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Sorry to read about this. Seems to be very bad customer service.

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