2.53% 12-Month CD & 2.78% 24-Month CD at American Plus Bank N.A. in California - Local Only

Update 9/12/09: The CD rates have fallen. The 1-year APY is now 2.02% and the 2-year APY is 2.27%. Refer to the bank's website for the latest rates.

Update 8/08/09: The CD rates have fallen, but they remain competitive. These include a 2.27% APY 12-month CD and 2.53% APY 24-month CD.

American Plus Bank, N.A. is offering competitive rates on its short-term and mid-term CDs. These include a 2.02% APY 6-month CD, a 2.27% APY 9-month CD, a 2.53% APY 12-month CD and a 2.78% APY 24-month CD. Minimum deposit is $1,000. These rates are listed at the bank's rates page as of 7/31/09.

The bank also has competitive rates on its tiered-rate money market and savings accounts. As of 7/31/09, the top rate is 2.08% APY in the savings account with a balance of at least $10,000. The savings account requires a minimum balance of $300 to avoid monthly service charges.

It appears that a branch visit is required to open an account. It's a small one-office bank that was recently established in 2007. The office is located in Arcadia, California which is in the suburbs of Los Angeles.

Since it's fairly new, the bank only has a start-up label at BauerFinancial. However, Bankrate does have a rating for it, and it gives the bank 3 stars (performing) based on 3/31/09 financial data. The bank is a member FDIC (FDIC Certificate # 58469).

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Tags: California, American Plus Bank, CD rates