Dedicated to Deposits: Deals, Data, and Discussion

3.90% 3-Month / 3.60% 7-Month CD at a California Bank (Vineyard).


Update 5/24/08: The bank has some new CD specials. Please check the bank's website for the latest specials.

Vineyard Bank is offering two promotional CDs: a 3.90% APY 3-month CD and a 3.60% APY 7-month CD. The minimum deposit is $1,000. The maximum deposit is $95,000 per household. If a Vineyard Bank checking, savings or money market account is opened in conjunction with the CD, the maximum deposit is $5 million. The offer is only available to California residents.

Spring must be a common time for Vineyard bank CD promotions. This is the third spring promotion that I've reported on. Unfortunately, this current one is not nearly as nice as the last two when they were offering 5.50% CDs. But this one is still very competitive based on today's interest rate environment.

This CD promotion may be good timing for those who took advantage of Vineyard's savings account promotion in October 2007 when they guaranteed 5.25% until 4/15/08. I don't see a new-money requirement for this new CD promotion, so you should be able to open this CD with those funds.

Financial Health

It appears Vineyard has been hit hard by bad home loans. According to this news article, a proxy battle for Vineyard's board is in progress. Over the last year, Bankrate's rating of Vineyard has fallen from 4 out of 5 stars to only 1 star (data as of 12/31/07). So make sure you keep your deposits under the FDIC limits.

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 (FDIC certificate # 23498).

Other Certificate of Deposit Deals

For other high CD rates with terms around 3 months, please refer to my latest rate summary. The ones in this list have nationwide availability. The highest rate for a 3 month CD is currently 3.50% APY at GMAC Bank.

Related Pages: California, CD rates

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