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.