Dedicated to Deposits: Deals, Data, and Discussion

4.08% 6-Month CD at a California Bank (Gateway Business)

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Gateway Business Bank is offering a special 4.08% APY 6-month CD. The minimum deposit is $10,000, and the money must be new to the bank.

This special doesn't seem to be listed at the bank's website. A reader mentioned seeing this being advertised in a newspaper, and I just called for additional details. According to the CSR, this special CD requires a branch visit to open. They do have an online application that allows anyone in California to open an account. However, this special CD may not be available in this application. She didn't know how much longer it would last, but she said it's likely to last at least through this week.

Branches are located in the Los Angeles metro area in the cities of Cerritos, Laguna Hills and Lakewood. The bank has a 3.5-star rating (good) at BauerFinancial based on 3/31/08 data. It has been FDIC insured since 1997 (FDIC Certificate # 34250).

Thanks to the reader who emailed me info on this special.

Update 7/17/08: Made a couple of clarifications and corrections.
  Tags: California, CD rates

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Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
A couple of points:
According to the intro to the application, you must be a California resident to open an account online.
Laguna Hills is not "a Los Angeles suburb" but rather a town in south Orange County (near a large retirement community previously known as Rossmoor).

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Comment #2 by O-Qua Tangin Wann (anonymous) posted on
O-Qua Tangin Wann
Technically or literally speaking, you are correct that Laguna Hills is not a suburb of Los Angeles.

However, very loosely speaking, one might consider it a suburb, albeit a far away suburb, since Laguna Hills is part of what is considered the Los Angeles Metropolitan area.

Also consider that there are people who live in Laguna Hills who commute daily to Los Angeles for work.

So, for the purposes of this blog and helping people not familiar with the area to get an easy frame of reference for a bank's location, it is perfectly acceptable to say Laguna Hills is a suburb of Los Angeles.

For a high interest rate, most people would be willing to drive to Laguna Hills from Los Angeles to open an account.

~O-Qua Tangin Wann

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the clarification on Laguna Hills. I updated the post with this. Also, I added the clarification regarding the online application. According to the CSR, this special CD is not available in the online application. There might be a chance of applying by mail I suppose. I didn't specifically ask about that option.

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