Wilshire State Bank has started offering Flex CDs with some competitive rates. As of 6/21/09, the rates include a 2.30% APY for 12 months and a 2.40% APY for 18 months. The rates are not the best, but the flex features help make them more competitive. These features include:
- Unlimited deposits of at least $1,000, up to a maximum balance of $95,000.
- Six withdrawals are allowed within the term (in any amount of $1,000 or more)
Wilshire State Bank recently cut the rates on its regular CDs. These short-term CD rates had been very competitive. Now the only CD with a rate over 2% is the 1-year CD with a 2.15% APY. They also recently ended the money market special that had guaranteed 2.80% APY for balances of at least $100K through 2009.
In my June 8th post on Wilshire, I noted the rate cuts on their eLink savings account and their Rainbow Installment Savings Account. Even with the rate cuts, both of these accounts remain competitive (see account review).
When I contacted Wilshire State Bank in April, I was told that the accounts that have the online application can be opened by people in any state. After you submit the application online, you have to print and mail the form. They'll send you a signature card to complete. There appears to be one complication with the Flex CD application. It only allows you to select a 6-month term which isn't even listed as an available term in the Flex CD page. I've sent them an email about this.
Wilshire State Bank is Korean-American bank with branches in Southern California, New York, New Jersey and Dallas, Texas.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 3/31/09 data) and 4 stars (sound) at Bankrate.com (based on 12/31/08 data) The bank has been a FDIC member since 1980 (FDIC Certificate # 23301).
Thanks to the reader who emailed me news of these new Flex CDs.
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