Dedicated to Deposits: Deals, Data, and Discussion

4.00% Savings Account Promotion Guaranteed into Jan 2009 at Imperial Capital Bank


Imperial Capital Bank has increased the yield of its savings account promotion from 3.75% to 4.00% APY. It continues to be guaranteed through 1/20/2009. Unlike Imperial Capital's iMoney Market Account, this Savings II Account is only an in-branch product. The 4.00% APY now applies to all of its branches in Baltimore, MD, Las Vegas, NV and in several California cities (see branch location page).

Opening minimum deposit and minimum balance to earn interest for this savings account is $1,000. There are no maintenance fees. One nice perk is that 6 foreign ATM usage and surcharge fees are waived each month.

For those who don't live near Imperial Capital branches, their iMoney Market Account has maintained competitive rates (currently ranging from 3% to 3.75% APY). Also, the Seniors iChecking account is a good deal with a yield of 3.15% APY for a minimum balance of $250.

Imperial Capital Bank's internet CDs (iCDs) continues to have some competitve rates on short terms. These include a 4.10% APY 6-month CD, 4.15% APY 9-month CD and a 4.25% APY 12-month CD (see post).

Like many of the banks in California, Imperial Capital has been hurt by the mortgage crisis. The San Diego's Union Tribune reported last month that "Imperial Capital Bank has entered into a written agreement with federal and state banking regulators to fix several potential trouble spots found in a recent examination, including reducing its exposure to some types of loans." As I recommend with any bank, make sure you stay under the FDIC limits. Imperial Capital has been FDIC insured since 1985 (FDIC Certificate # 26348)

Thanks to the readers who mentioned this special update.

  Tags: Nevada, California, Maryland, savings account

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Comment #1 by Anonymous posted on
Thanks, BG. Busy Tuesday morning for you.

Does anyone know if Imperial does a hard credit pull or just Chex Systems?

Comment #2 by Anonymous posted on
I opened an account today at the San Francisco location. The customer service representative who took my application claimed that there would be no hard credit pull.

Comment #3 by Anonymous posted on
Opened an account here in San Diego - efficient, competent and helpful personal banker. She was aware of the FDIC increased protection an hour after the bill passed. Highly recommended.

Comment #4 by Michael (anonymous) posted on
Transferred my money out of WaMu Online Savings into Imperial Capital Banks Savings II Account, with 4% APY locked in until Jan. 20, 2009.

Went into the Costa Mesa, CA branch. All went smoothly. Branch supervisor was very friendly.

Standard 11-business-day hold on the deposit.

Interest begins same day as opening.

My hunch is that come Jan. 20th, their rate will be much lower, assuming the bank can stay afloat as an independent bank.

Comment #5 by Michael (anonymous) posted on
I just found out:

Imperial Capital Bank does not have an ACH system. You cannot set up ACH'ing from Imperial Capital Bank to an external account.

Of course, you can set up ACH'ing from your external account to pull from and/or push into ICB, assuming your external bank has ACH.

Comment #6 by Anonymous posted on
Imperial Capital's checking and savings rates haven't changed with the Fed action. January 20 is coming up soon. Curious as to what the 4% rate will change to after this date.

They don't have external bank transfers available on their website, so you have to initiate it through an external bank. You can only transfer to another Imperial Capital account via their online banking. The thing about their checking account (I am not sure about the savings and money market accounts) is that they will notifying you about an inactive account if no activity occurs in 1 year. I get these notices even though I have an electronic funds transfer to the account yearly. Apparently, the external funds transfer is not considered activity to a checking account.

Comment #7 by marc (anonymous) posted on
Doing some research myself on this account as the 1/20 date is coming up. Sadly, I have to go here to find out about the maintenance fees if I pull out most of my money, since their website and online customer service can't tell me. I think for certain, the rate will drop to whatever the savings rate is, given that they stopped advertising. Maybe they have escaped the trouble somehow, as their CD rates are dropping big as well lately.