Hanmi Bank is offering a 4.20% APY 6-month CD. It's called Freedom CD Plus. It allows up to 3 partial withdrawals during the term without penalty. It also allows unlimited deposits through the term in increments of $1,000. Minimum deposit is $10,000. Maximum deposit is $1 million. The rate is listed at the bank's Freedom CD Plus Page as of 1/07/09. It's also being advertised on the bank's home page.
I just called the bank, and I was told that the Freedom CD Plus requires a branch visit. However, the bank is also offering internet CDs with an APY of 4.08% for terms of 3, 6 and 9 months, and a 4.18% APY for a 12-month term. These rates are listed in the bank's internet CD rate table as of 1/07/09. According to the CSR, these rates are still available.
In addition to these internet CDs, the bank is offering a 3.56% APY internet savings account and a 3.50% APY reward checking account for balances up to $25K (2.50% for above). These rates are listed in this Hanmi Bank page as of 1/07/09. There's an online application via the Andera service that allows ACH funding, but you must be a California State resident to qualify.
My last post on Hanmi Bank was in November 2008 when I first reported on these 4.08% and 4.18% internet CDs and the 3.56% savings account. They were also offering the Freedom CD, but it had terms of 12 and 24 months. With the falling interest rate environment, I doubt these rates will last much longer. I first mentioned Hanmi's reward checking account in March. They've maintained the same rate since then. The 3.50% is getting more competitive in today's rate environment.
Branches are located in several California cities including Los Angeles, Irvine, San Diego, Rancho Cucamonga, San Francisco and Santa Clara.
Hanmi Bank's rating for financial soundness is now only 1-star (lowest) at Bankrate. This is based on 9/30/08 data and is down from 2 stars when I posted on this bank in August. BauerFinancial gives the bank a 3-star rating (adequate) based on 9/30/08 data. As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been FDIC insured since 1982 (Certificate # 24170).
Thanks to the reader who emailed me news of this Freedom Plus CD.