Dedicated to Deposits: Deals, Data, and Discussion

Imperial Capital Bank's 4% 9-Month CD and iChecking Accounts

POSTED ON BY

Imperial Capital Bank (ICB) increased its CD rates. The most competitive is the 9-month CD with a 4.00% APY. Other competitive rates include a 3.65% APY 6-month CD and a 3.95% APY 12-month CD. Minimum deposit is $2,000.

Accounts can be opened online or by mail. According to the online application, you can fund accounts by mailing a check, wire transfer or a transfer from another ICB account.

The early withdrawal penalty for the 9-month term is a little severe: 181 days of interest. The wire transfer fees are $12 for incoming and $25 for outgoing. (see schedule of fees &charges).

iMoney Market Checking Account

ICB also has a decent money market account that I've been tracking in my weekly rate summary for the last year. It's called iMoney Market Checking. The yield is 3.00% APY for balances from $2,500 to $25,000. The top yield is 3.65% APY but this requires a balance of $100K. There's a $15 monthly fee unless you maintain an average daily balance of $5,000 or more. Some of the perks include free first order of checks and fee waivers of up to $9 a month on foreign ATMs.

iChecking and Senior iChecking Accounts

Except for those with large balances, an even better deal than the iMoney Market Account is the iChecking Account. I just noticed that the iChecking has a yield of 3.05% APY for balances above $1,000. This only has a $500 minimum initial deposit and a $1,000 minimum daily balance to avoid a $15 per month fee. The fee can also be waived with direct deposit. Like the iMoney Market, the first order of checks is free and up to $9 a month of foreign ATM fees are waived.

For those 55 years an older, an even better deal is the Senior iChecking which pays 3.10% APY for balances above $250. The minimum daily balance to avoid a $5 monthly fee is $250. The fee can also be waived with direct deposit. Like the other two accounts, the first order of checks is free and up to $9 a month of foreign ATM fees are waived.

Free Personal iChecking Account

The Personal iChecking Account has no monthly fees and only requires a minimum opening balance of $100. It doesn't pay any interest, but it has similar perks of the other accounts: the first order of checks is free and up to $9 a month of foreign ATM fees are waived.

Latest News and Financial Ratings for Imperial Capital Bank

According to this SanOnSanDiego.com news article, Imperial Capital Bank saw its nonperforming loans more than double in 3 months mostly due to residential construction loans. Its stock has gone down about 90% since last year. However, its stock got a boost on Wednesday after the release of their Second quarter earnings report. The profits are down, but it's still profitable. As of June 30th, nonperforming assets were 3.36% of its total assets of about $4.1 billion.

I'm not sure what to make out of the financial ratings. The bank has a 3.5-star rating (good) at BauerFinancial, but it only has a 1-star rating (lowest) at Bankrate. Both are based on 3/31/08 data. ICB has been FDIC insured since 1985 (FDIC Certificate # 26348).

Thanks to the reader who mentioned this new CD rate in the finding the best deals post.
  Tags: money market accounts, CD rates, checking account

Related Posts

Comments
6 comments.
Comment #1 by Triple Jaygh and the Devil (anonymous) posted on
Triple Jaygh and the Devil
3.65% isn't bad if one has that $100K. The question is, of course, will they allow POD/ITF beneficiaries, and will they allow the "POD" or "ITF" designation in the account title.

Anyone considering this $100K+ account needs to insist on this.

1
Comment #2 by O-Qua Tangin Wann (anonymous) posted on
O-Qua Tangin Wann
Great branch locations for this bank.

Costa Mesa, CA (The O.C.)

Beverly Hills

Las Vegas

San Francisco

Baltimore

San Diego

Carson City

Encino, CA (L.A. Metro)

Glendale, CA (L.A. Metro)

My AARP Jumbo MMA went down to 3.4%, and I don't think they deserve m,y money anymore. I'm looking for a new bank and will consider this Imperial Capital Bank.

Thanks, Banking Guy!

~O-Qua Tangin Wann

1
Comment #3 by Michael (anonymous) posted on
Michael
Their site also lists a regular savings account paying 3.7% guaranteed until Aug. 10th. (It doesn't say what the rate will drop to after Aug. 10th.)

We love you and your site, BG!

1
Comment #4 by Anonymous posted on
Anonymous
Note that the CD rates are Internet rates only. Branch rates are not posted - call the local branch for info. They do have a mail-in application on their site, with a warning not to fund your account until you know your application has been approved.

1
Comment #5 by Anonymous posted on
Anonymous
I heard a rumor that PNC bank might take over Imperial Capital bank. Is this true?

1
Comment #6 by Anonymous posted on
Anonymous
Ignore the previous post. I got the banks wrong. It is National City Bank being taken over by PNC. Not Imperial Capital Bank.

http://washingtontimes.com/news/2008/oct/25/pnc-to-buy-national-city-bank/

1