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3.10% Add-On 12-Month CD at Nara Bank - CA, NY, NJ Only

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Update 4/15/09: The 3.10% APY appears to be over. The Mega Promo CD page no longer lists the rate.

Nara Bank has a promotion called the Mega Promo CD. It's a special 3.10% APY 12-month CD. Minimum deposit is $10,000, and new money is required. It allows unlimited deposits and up to 3 penalty free withdrawals before maturity. Additional deposits must be at least $1,000 per deposit. The 3 early withdrawals will only have the penalties waived if you maintain a balance at least 70% of the initial opening deposit. You can also get 2 complimentary event tickets to the 2009 World Figure Skating Championships with an opening deposit of at least $50K.

This CD promotion is listed on the left side of the bank's home page under Announcements as of 3/13/09. The end date is 3/27/09. There's a "see details" link that opens a PDF page of the promotion.

At the bottom of the small print of the promotion page, there's a "Southern California customers only" stipulation.

Update: The above restriction may only be for the event ticket. A reader mentioned that he was able to open this CD at their Woodside brank in Queens, NY. The reader also reported that they're offering a 2.85% 180 day CD with unlimited deposits and one withdrawal without cost.

Branches are located in Los Angeles and several other cities in Southern California. The bank also has branches in Northern California and in New York and New Jersey.

Nara Bank has some decent ratings for safety and soundness: 4 stars (sound) at Bankrate.com (based on 9/30/08 data) and 4 stars (excellent) at BauerFinancial (based on 12/31/08 data). The bank has been FDIC insured since 1989 (FDIC Certificate # 27530).

Credit for this find goes to FW member freejs who mentioned it on the FW CD thread.
  Tags: New York, California, CD rates, New Jersey, Nara Bank

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Comments
7 comments.


Comment #2 by Anonymous posted on
Anonymous
The tickets are upper level and they'll send you a 1099 for them, so make sure they are worth the taxes on $70.

Nara is a Korean bank. Hanmi had a very similar CD w/unlimited deposits and limited withdrawals. Is this a feature that is appealing to the Korean community?

1
Comment #3 by Anonymous posted on
Anonymous
I just opened this 1 year CD in their Woodside brank in Queens, NY. They pay all the interest at the end of the 1 year term. (3.10/3.10). Also, all this interest will be for 2010 tax year. The agent said they also offer a 180 day CD for 2.85 with unlimited deposit and 1 (ONE) withdrawal without cost. Again, all interest paided at end of 180 days.

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad they're letting customers in New York take advantage of this CD special.

1
Comment #5 by Anonymous posted on
Anonymous
The T&C are exactly the same in SoCal. Simple interest can either be paid monthly by check or accumulated and paid at maturity, especially nice for anyone likely to be in a lower bracket next year. They're also offering an above-market 3.15% 1-year traditional CD as of today, but that rate is said to be dropping next week. Like Hanmi, Narabank personnel are very pleasant and courteous.

1
Comment #6 by Anonymous posted on
Anonymous
That 2.85% CD sounds really good. But how difficult is it to get your money out once the term has expired? With Countrywide it was easy since I filled out a form and moved funds to Savingslink. Just had to send an email to confirm and it was done.

Unlimited deposits at 2.85% sounds really ideal however IF money was able to be withdrawn easily after the term expires.

I am still waiting for a 3% or higher APY account so I can use with 0% and 3% BT FEE transfer checks which are 12 months approx. I cant use a 12 month CD cause I would be charged interest by the CC firm so it has to be a lower term preferably and savings rates would need to go higher.

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Comment #7 by Anonymous posted on
Anonymous
The flexibility and top-notch rate of this Nara 1-year CD just can't be beat, particularly for a bank that isn't flirting with bankruptcy. With today's rates and tight money, CC arbitrage certainly isn't what it used to be, but the good old days are gone and not likely to return anytime soon. Zero%, no-fee money is precious - make what you can now.

1