Dedicated to Deposits: Deals, Data, and Discussion

4.00% 4-Month CD at Central Pacific Bank in Hawaii

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Central Pacific Bank
Central Pacific Bank is offering a special 4.00% APY 4-month CD. The minimum deposit is $5,000 ($3,000 for an IRA CD). Maximum deposit is $250,000. The special is only available through Saturday, 11/15/08.

A branch visit appears to be required to open an account. Branches are mostly located in Oahu, but there are a few in Maui, Kauai and on the Island of Hawaii.

This bank also offers a reward checking account that currently pays 4% APY on balances up to $25,000 (see post). I don't post on many Hawaiian bank deals since deposit rates tend to be low in Hawaii (perhaps one of the few downsides with living there). Navy Federal Credit Union also has branches in Honolulu, and they often have high CD rates. However, to join you must have some connection with the military (see post).

Central Pacific Bank's financial ratings for soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/08 data. From this Pacific Business News article it appears the bank had been involved with California residential loans. However, it has sold these assets in July, and it has reported a profit for the third quarter.

The bank has been FDIC insured since 1954 (FDIC Certificate # 17308).

Thanks to the reader who mentioned this bank in the Finding the Best Deals post.

  Tags: Hawaii, CD rates, Central Pacific Bank, IRA rates

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