Update 2/16/08: The yield has gone down again. The new yield is 4.20% APY.
Update 2/9/08: The yield on the 15-month CD special has fallen from 4.50% APY to 4.30% APY. The title has been updated to reflect this change.
Kaiser Federal Bank is offering a 4.50% APY 15-month certificate of deposit. The minimum is $10K. It's also available in an IRA. Please see their rate table (pdf) for more details.
I called yesterday to confirm that the rate is still available. I was told that the rate could change any day. The CD can be opened by mail, but the CSR advised against this since the rate may change while the application is in the mail.
Branches are located in the California cities of Bellflower, Covina, Fontana, Harbor City, Los Angeles, Panorama City, Pasadena and Santa Clara. The bank has been FDIC insured since 1999 (Certificate # 35448). The bank has a 3 out of 5 star safe and sound rating at Bankrate.com based on 9/30/07 data. This is down from 4 stars when I reported on this bank in October 2006.
Other CD Deals
The 4.50% APY may not sound that great, but after the recent massive Fed rate cuts, it's near the top for terms of around 12 months. As a comparison, the highest 12-month CD yield listed at Bankrate is 4.40% APY at Flagstar Bank. The best rate in my list for terms of this length continues to be 4.90% APY at Alliant Credit Union (see post)