Center Bank is advertising a special CD called the Center Flexible CD with two very competitive rates: up to 3.40% APY for 12 months and up to 3.30% APY for 6 months. A reader noted that these were advertised in today's (3/31/09) Los Angeles Times. According to the reader, it allows 2 withdrawals during ther term. An ad is also available at the bank's advertisements page. The online ad states "For those who want a high interest CD and the freedom of unlimited deposits and withdrawals at the same time." There aren't any additional details in the online ad. I tried to call one of their branches for more details, but I only got a voice mail message in Korean.
The bank has other ads with some competitive products including one for their Combi MMA and savings accounts. The MMA has a rate up to 3.30% APY and the savings account has a rate up to 3.05% APY. The rates are listed at the bank's advertisement page as of 3/31/09.
It appears a branch visit is required. Branches are located in several Southern California cities including Los Angeles, Orange County and San Diego. It also has two branches in Washington State and one in Chicago, Illinois.
The bank's rating for safety and soundness is fairly strong with a 4-star rating (excellent) at BauerFinancial based on 12/31/08 data (Bankrate's database wasn't working at the time of this post). Center Bank has been FDIC insured since 1986 (FDIC Certificate # 26610).
Thanks to the reader who mentioned this special CD in the Daily News & Deals Post.
Update 3/31/09 4:30pm PDT: I was finally able to speak with a CSR. Below are some of the details I was told. I had a little trouble understanding the CSR, so please leave a comment if you were able to contact them.
For the CD, the minimum deposit is $5,000. Additional deposits are limited to the amount of the initial deposit. So if you open the CD with $5,000, the most you can add during the term is $5,000. Interest must be paid out monthly (i.e. by check). You do not have the option of letting interest get deposited back into the account.
To earn the 3.30% APY on the Combi Money Market Account, it requires a balance of at least $250,000. Balances between $25,000 and $250,000 earn an interest rate of 3.00% (about 3.05% APY). There's a $30 monthly fee for balances under $25,000. Rates are guaranteed to the end of August 2009. Checking account must also be opened with the money market ($100 minimum).
A branch visit is required to open an account.
Other High Certificate of Deposit Rates
For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.