Dedicated to Deposits: Deals, Data, and Discussion

5.10% 12-Month CD at Pacific Mercantile Bank

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Pacific Mercantile Bank
Update 9/20/08: The latest 12-month CD yield is 4.50% APY. Please check the bank's website for the latest rates.

Pacific Mercantile Bank is offering a 5.10% APY 12-month certificate of deposit. The minimum deposit is $10,000.

From the online application it appears available to people in any state. The application must be printed, signed and mailed in with a copy of your driver’s license. The CD can be funded by check or wire transfer. The application also allows for a formal trust and a payable-on-death trust account.

More CD details are listed in the truth-in-savings disclosure. One unique feature is that you're allowed to make 3 deposits into the account before maturity if your account has a term of six months or longer. Other CD details include: early withdrawal penalty of 90 days of interest for the 12-month CD, 10 days grace period at maturity, and interest compounded daily.

Branches are located in California. The bank is FDIC insured (Certificate # 34940). It doesn't have the best rating at Bankrate with a 2 out of 5 star safe & sound rating (below peer group).

  Tags: California, Pacific Mercantile Bank, CD rates

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