United Central Bank is offering competitive rates on many of its deposit accounts. For the Global Money Market, the rate of the bottom tier is 2.39% APY for balances of $5K to $75K. The rate is 2.59% APY for balances from $75K to $300K. The top rate is 3.10% APY for balances over $1 million. Minimum balance to avoid a $10 monthly service charge is $5K.
There's also a good deal on their Global Savings account. The top rate is 2.50% APY for balances over $50K. The rates for the lower tiers are also fairly competitive with a 2.00% APY for balances from $25K to $50K and 1.50% APY for under $25K. Minimum balance to avoid a monthly fee is $1K.
United Central Bank also offers a installment savings account called the Fixed Rate Super Saver Installment CD. The rate is 3.40% APY for terms from 12 to 60 months. The installment savings account requires that you make monthly deposits during the term. It requires a checking account which will be debited monthly to fund the installment account.
My last post on this bank was in November 2008 when they had some good deals on promotional CDs. Their current CD rates aren't great, but they're competitive. The most competitive are the short term rates which include 2.00% APY for 3 months, 2.25% APY for 6 months and 2.50% APY for 12 months. These rates are also available in IRAs.
The above rates are listed at the bank's rates page as of 5/06/09.
It appears a branch visit is required to open an account. Branches are located in several cities in Texas, California, Georgia, Maryland and Virginia. Some of the major cities include Los Angeles, Austin, Houston and Dallas.
United Central Bank has fair ratings for safety and soundness: 3.5 stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 12/31/08 data. The bank has been FDIC insured since 1984 (FDIC Certificate # 25330).
Thanks to the reader calwatch who mentioned this bank and money market account in the Daily Deals & News Post.
Other High Rates
For other top savings, money market accounts, CDs and installment savings accounts, refer to the following pages: