Update 2/23/08: The rate has gone down again. The new yield on the 3-month CD is now 4.30% APY (down from 4.45%).
Update 2/16/08: The rate has gone down again. The new yield on the 3-month CD is now 4.45% APY (down from 4.60%).
Update 2/09/08: The 5% 3-month CD and the 5.15% MMA are no longer listed at the Bank's Burbank branch page. The highest yield specials listed now for all branches are a 4.60% APY 3-month CD and a 4.40% APY 4-month liquid CD. The title has been updated to reflect these changes.
Luther Burbank Savings is offering a special 5.00% APY 90-day certificate of deposit. The minimum deposit is $10,000. The offer seems to only be available at its Burbank, CA branch. It's very likely a branch visit is required.
Another special at this Burbank branch is a 5.15% APY money market account with a minimum balance of $25,000. The yield is 5% APY for a $10K minimum balance and 1.50% APY for a $1K minimum. Since there's no guarantee on this rate, and rates are falling fast, I would consider the CD to be the better deal.
The bank's other branches at Encino, Palo Alto, San Rafael and Santa Rosa are offering a yield of 4.85% APY on the 90-day CD. All the branches are also offering a 4.50% APY 4-month liquid CD. It has a $10,000 minimum deposit. It allows unlimited deposits, and one penalty free withdrawal per month. This would be a very nice deal if it were a longer term.
The bank has been FDIC insured since 1983 (Certificate # 32178).
Thanks to the reader who mentioned this bank in the Finding-the-best-rates post.