Dedicated to Deposits: Deals, Data, and Discussion

5.25% Savings Account with a 4/15/08 Guarantee at a California Bank (Vineyard)

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Vineyard Bank is offering a savings account called the Super Savings with a yield of 5.25% APY for balances over $25K that's guaranteed until 4/15/08. The Super Savings Account requires a minimum deposit of $10K to open, and a $10K balance must be maintained to avoid a $25/mo fee. The tiers are shown in the rate table (pdf). The yield for balances between $10K and $25K is 2.27% APY. Under $10K, the yield is only 0.10%.

The 4/15/08 rate guarantee is not shown in the rate table. A reader mentioned it being advertised in the Saturday Orange County Register. According to the ad, the offer applies to California residents only. It's also available as a business account.

Update 10/25/07: A commenter provided this important detail about closing this account:
Be aware that you forfeit all interest if you close the account between quarterly interest postings. So if you close the account when the promotion ends on April 15, you will get no interest for April. You would need to leave a minimum $10,000 balance until June 30 to receive all of your interest and avoid any service fees.

Branches are located in several cities in Southern California including San Diego, Manhattan Beach, Irwindale, Irvine, and Covina.

The bank has been FDIC insured since 1981 (Certificate # 23498). It has a 4 out of 5 star rating (excellent) at BauerFinancial and also a 4 out of 5 safe & sound rating (sound) at Bankrate as of 06/30/07 data.

Thanks to Steve who emailed me info on this special.
  Tags: California, savings account

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Comments
5 comments.
Comment #1 by Scott (anonymous) posted on
Scott
What about GE Interest Plus accounts? 5.17% I would put my money in GE over FDIC...If there was a total meltdown in the financial industry my money is on GE to survive. Even at war these guys prosper. Did you see there profits last quarter?

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks, I've been including the GE Interest Plus account in my weekly summaries under bank alternatives.

1
Comment #3 by Anonymous posted on
Anonymous
Be aware that you forfeit all interest if you close the account between quarterly interest postings. So if you close the account when the promotion ends on April 15, you will get no interest for April. You would need to leave a minimum $10,000 balance until June 30 to receive all of your interest and avoid any service fees.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I've updated the post with this detail. Losing out on that interest would be a very unpleasant surprise.

1
Comment #5 by Anonymous posted on
Anonymous
Anyone opening this account should be sure to close it immediately after the March 2008 interest is posted. The rate is likely to drop tremendously on April 15, and you would be stuck keeping your money there at a low rate until June 30 in order to earn any interest for the second quarter.

1