Dedicated to Deposits: Deals, Data, and Discussion

2.00% 12-Month CD and 1.75% Money Market Specials at Pacific Global Bank in Chicago - Local Only

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Pacific Global Bank

Pacific Global Bank is offering a competitive CD promotion: 2.00% APY for terms of 9 and 12 months. Minimum deposit is $5,000, and the maximum is $250,000. New money is required. The promotion is listed in the bank's 14th anniversary flyer (pdf) as of 2/17/2010.

Another CD promotion listed in the flyer is not quite as good in my opinion. There are two step-up CDs: 2.25% APY 36-month CD and a 2.50% APY 60-month CD. You can step-up the rate one time during the term to the current yield of a one-year Treasury Bill plus 0.50%. The maximum it can be raised is 6.00% APY. Currently the one-year Treasury yield is only around 0.35%.

In addition to the CD promotions, there's also a competitive money market promotion with a 1.75% APY guaranteed until 3/31/10. The standard rate is only 0.75%, but according to the promo, if you can bring in $10K of new money after 3/31/10, the 1% bonus will continue for another quarter.

It appears that a branch visit is required to open an account. The bank has three branches located in Chicago, IL.

The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1995 (FDIC Certificate # 34089).


  Tags: CD rates, money market accounts, Illinois, Pacific Global Bank

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