Wilshire State Bank's Competitive Flex CD - Available Nationwide

Wilshire State Bank continues to offer a competitive rate on its Flex CD. I first reported on these Flex CDs in June 2009. Since then the rates have fallen, and the 18-month CD is no longer available. The current yield for the 12-month Flex CD is 1.75% APY as of 1/05/2010. You can get higher 1-year CD rates at banks like Ally, but they don't have these liquid features. Ally Bank's 9-month no-penalty CD is now only paying 1.24% APY. Below are the main Flex CD features:

• 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)

Minimum deposit is $10,000 to open the account. However, if rates go up, you can make penalty-free withdrawals (up to 6) and just keep $1,000 in the account to avoid a closing penalty. Refer to the bank's Flex CD page for the full details.

If you don't live near a branch, you may also want to open Wilshire State's free checking account. You can then use another bank's ACH service to transfer money in and out of this account. With this checking account, you should then be able to move money in and out of the Flex CD without a branch visit.

If you want Wilshire State Bank's eLink Savings Account, the free checking won't qualify. You'll need at least the Regular Checking which has a $500 minimum balance requirement to avoid a monthly service charge. The eLink Savings Account is paying 1.50% APY on all balances as of 1/05/2010.

Wilshire State Bank is one of the few banks that offers an Installment Savings Account. It's called the Rainbow Savings. Its rates have fallen since my last Wilshire post, but they remain fairly competitive: 3.05% APY for 12 months to 3.82% APY for 36 months as of 1/05/2010. To see how these compare to regular CD and savings account rates, please refer to my Installment Savings Account review.

When I contacted Wilshire State Bank last year, I was told that the accounts which 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.

Wilshire State Bank is Korean-American bank with branches in Southern California, New York, New Jersey and Dallas, Texas. A reader in my June post commented that "Wilshire Blvd is one of the main streets in Koreatown in Los Angeles, hence the name."

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1980 (FDIC Certificate # 23301).

Other Competitive Certificate of Deposit Rates

• CD rates at DepositAccounts.com
• My weekly list of hot nationwide and local CD deals