United Central Bank continues to offer competitive rates on its money market accounts, its CDs and installment savings accounts. Some of the rates are down a bit since my May post, but they are still very competitive.
Here's a list of the APYs of some of the best deals as listed at the bank's rate table as of the morning of 6/23/09.
- Global Money Market Account - 2.59% $75K-$300K, 2.39% $5K-$75K
- Global Savings Account - 2.50% $50K+, 2.00% $25K-$50K
- Super Saver Installment CD - 3.30% 1-year to 5-year
- CDs - 2.40% 12-month, 2.15% 6-month
I just noticed on their home page, that they now have an online application. I called the bank, and I confirmed that people in any state can open accounts using this online application. The CSR wasn't able to provide many details. She did say that for CDs, the rate will lock at the time the application is submitted. She wasn't sure of the options the application provides for funding. Mailing a check is an option, but she didn't know if electronic funding was also an option. She said once the application is submitted, they'll send an email with instructions.
When I reviewed the first part of the online application, it doesn't provide options for all of the accounts. Accounts that can be selected include the Global Money Market Account, the 12-month and 36-month CDs, and the 12-month IRA CD. The application has options for both permanent and non-permanent residents.
For those who prefer to open an account at a branch, they do have offices in many parts of the country. 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 continues to have fair ratings for safety and soundness: 3.5 stars (good) at BauerFinancial (based on 3/31/09 data) and 3 stars (performing) at Bankrate.com (based on 12/31/08 data). The bank has been a FDIC member since 1984 (FDIC Certificate # 25330).
Other High Rates
For other top savings, money market accounts, CDs and installment savings accounts, refer to the following pages:
- Savings Account Weekly Rate Summary
- CD Weekly Rate Summary
- index of state CD and bank deals
- Latest Installment Savings Account Posts
9/04/09: Global Money Market is now 1.65% APY $75K-$300K, 1.45% APY for $5K-$75K. Global Savings top rate is 1.05% APY.
7/02/09: Global Money Market is now 2.15% APY for $75K-$300K, 1.95% for $5K-$75K. Global Savings top rate is 1.25% APY.