Dedicated to Deposits: Deals, Data, and Discussion

4.05% 6-Month CD at a California Bank - and 3.75% Money Market (Hanmi)

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Hanmi Bank
Hanmi Bank is offering competitive money market and CD rates. Its Worry Free Money Market has a yield of 3.75% APY. It has a guaranteed minimum yield of 3.05% APY till the end of the year of the date the account is opened, for new accounts. The minimum opening balance is $10,000, and a minimum balance of $10,000 is required to avoid a $25/month maintenance charge. Interest will be credited to your account monthly.

The bank also has a good deal on its Advance Pay CD. The yield is 4.05% APY for a 6-month term. The minimum deposit is $10,000, and the maximum is $100,000. The "advance pay" feature means that the interest is paid at the account opening. The interest must be credited to Hanmi Bank checking account which means you have to open a checking account if you don't already have one.

Another CD special being offered is called the Freedom CD which allow you to withdraw funds twice during the term of the CD without any penalty. The withdrawals must not reduce the balance below $10,000. The yields are fairly competitive even without this feature: 4.20% APY for the 24-month and 4.10% APY for the 12-month.

This bank also has a reward checking account called Bonus Checking. I first reported on this checking account in March 2008 when it was offering a yield of 4.05% APY. The yield has fallen to 3.50% APY which is low for reward checking accounts.

Yet another savings product this bank has is an internet Savings Account with a yield of 3.05% APY. A minimum $500 balance is required to avoid a $3 monthly fee. The online application is limited to California residents.

Branches are located in several Califonia cities including Los Angeles, Irvine, San Diego, Rancho Cucamonga, San Francisco and Santa Clara. The bank has been FDIC insured since 1982 (Certificate # 24170). The has a 2-star rating (below peer group) at Bankrate.com based on 3/31/08 data which is down from 3 stars for 9/30/07 data.

Thsnks to the reader who emailed me info on this bank.
  Tags: money market accounts, California, CD rates, Hanmi Bank

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