Wilshire State Bank lowered the rate today on its eLink Savings from 2.75% to 2.25% APY. The bank also reduced the rates on its installment savings account, the Rainbow Savings. The top rate of 5.12% APY for a 3-year term fell to 4.34% APY. The 1-year rate fell from 4.60% to 3.82% APY.
On the plus side, they're still offering very competitive short-term CDs. These include a 2.27% APY 90-day CD and a 2.52% APY CD with terms of 180 and 365 days.
For more information on these accounts and how to open them online, refer to my April Wilshire post, and for more info on installment savings accounts, refer to this post.
2.80% Money Market Account Guaranteed to Jan 1, 2010
Update 6/17/09: A reader has reported being told by a bank rep that the 2.80% MMA special has ended.
One thing that's not mentioned on Wilshire's website is a money market account special. They're guaranteeing a 2.80% APY until January 1, 2010 for balances of at least $100,000. Unfortunately, the rate falls substantially for smaller balances: 1.00% APY for $2,500 to $99,999 and 0.75% for under $2,500. Another downside is that it requires a minimum opening deposit of $100,000, and new money is required.
Credit for this find goes to this reader who mentioned it in a May comment. Also, credit to those who mentiond it in this FW thread. Hat tip also goes to FW member internetle who posted a pdf flyer of this offer.
I confirmed with Wilshire that this money market special is still available as of 6/08/09. According to the CSR, it can be opened online. He stated that "you can simply choose money market and on the application write Guaranteed Money Market. Minimum balance should be $100,000.". Wilshire's Money Market page has more account details along with the link to the online application. I recommend calling before you open the account to make sure you get the official information.
The money market account can also be opened at a branch. Branches are located 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 and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1980 (FDIC Certificate # 23301).