Dedicated to Deposits: Deals, Data, and Discussion

New 5.30% Online Savings Account at PFF Bank and Trust

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Update 11/21/08: The bank has been closed. Please refer to this post for more details.

Update 4/13/08: The yield has fallen to 2.90% APY. Please check the bank's website for the latest rates.

PFF Bank and Trust is offering a new e-Savings Account that's available nationwide with a yield of 5.30% APY. It has an initial minimum deposit of $1,000. However, there are no minimum balance requirements or monthly fees. Looking over the detailed terms (pdf) of this account, one downside is that there's a $5,000 per transaction limit on ACH deposits. It doesn't state the withdrawal limits (besides the standard 6 per month). I called their toll-free number, but gave up after about 10 minutes of waiting. I'll try again later in the day.

Below are some of the features of this savings account listed at the website:
  • Minimum opening deposit $1,000
  • No monthly fees or minimum balance requirements
  • ATM card with up to $6/month in reimbursements
  • Make deposits, transfer funds from external bank accounts

The Schedule of charges (pdf) states two worrisome fees includeing a $0.10 per ACH transaction fee and a $5.95 fee for 90 days of non-use. However, these fees may not apply to this new e-Savings account. So once I can get through, I'll be sure to ask about this.

PFF Bank and Trust is FDIC insured (Certificate # 28344). It's based in California with 26 branches in Los Angeles, Orange, Riverside and San Bernardino County.

Thanks to the reader who mentioned this new savings account in the finding deals post.

  Tags: savings account

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Comments
6 Comments.
Comment #1 by Anonymous posted on
Anonymous
Also check the account comparison chart which shows all the different savings deposit accounts. It states that the e-savings account does not allow ACH or check withdrawls?

Now check withdrawls I can understand but NO ACH withdrawls back to your linked external account?

1
Comment #2 by Steve (anonymous) posted on
Steve
They are probably following the new Emigrant Direct feature where you can only transfer between linked accounts and that linked account is created by sending in a paper check.

1
Comment #3 by rate freak (anonymous) posted on
rate freak
Isn't this the bank, not branch, that was robbed during an FBI investigation. Then an FBI agent was gunned down. I heard the suspects tried to get away and ran into a wooded area. Must be somewhere in the Mid-west area, because the only woods in my area are palm trees

1
Comment #4 by Anonymous posted on
Anonymous
PFF is in California.
PFF = Pomona First Federal

Bill R. in NY

1
Comment #5 by Anonymous posted on
Anonymous
Customer service says the $5.95/month inactivity charge is for the "24/7 Internet Banking" services only, ie Bill Pay, etc. This is separate from the establishment of an e-Savings account, for with there are no such charges.
They also claim there is no transaction fee on any electronic transfers to or from your linked account.

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info.

I have a new post with some updated info here.

1