Luther Burbank Savings is offering a special 1.90% APY 5-month CD at its new Beverly Hills branch. Minimum deposit is $10,000. There is no maximum, and no checking account is required. This special isn't listed on the bank's website. A reader emailed me news of this special that he saw in the newspaper on May 27th. I just called the Encino branch and received more details. It's a new-branch special for the Beverly Hills branch. However, that branch is not yet open. The Beverly Hills staff is temporarily housed at the Encino branch. The CSR said he expected the special to last a couple of more weeks.
Refer to the bank's location page for the address and phone number of the Encino branch. The bank also has branches in the California cities of Pasadena, Palo Alto, Pasadena, San Rafael, Santa Rosa and Toluca Lake. Note, this special is only available at the Encino branch.
Last year the bank was offering a similar CD special at its new Pasadena branch.
The bank's ratings for safety and soundness have gone down a bit since last year. The current ratings are a little above average: 4 stars (excellent) at BauerFinancial and 3 stars (performing) at Bankrate.com. At DepositAccounts.com it has an overall health score of 3 out of 5 (see our Luther Burbank Savings rates and reviews page). All ratings are based on 12/31/09 data. The bank has been a FDIC member since 1983 (Certificate # 32178).
Thanks to the reader who emailed me info on this special.
Searching for the Best CD Rates
If you want a short-term CD with a maturity of around 6 months, it's very hard to find rates above 1.50%. The top rate for most internet banks is only 1.15% APY. To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.
Edit 6/02/10: Changed emphasis from Encino to Beverly Hills since the special is specific to the new Beverly Hills branch.