Union Bank is offering two competitive CD specials: 2.00% APY 24-month CD and 2.50% APY 36-month CD. Minimum deposit is $10,000, and the maximum is $999,999. A linked checking account is required, and the checking account must remain open for the entire CD term. Otherwise, the rate will fall to a low non-promo rate. The offer is listed in the Union Bank promo page as of 6/20/2010.
This CD promo has been around for a couple of weeks. Reader mschoenf mentioned it in a June 6th forum post. I saw it advertised in today's (6/20) The Press-Enterprise, so hopefully, it'll continue for a while.
It appears that any personal checking account will qualify for the CD promotion. Union Bank offers a free checking account with a $100 minimum initial deposit. There's no monthly fee and no minimum balance required. One nice perk is that the first order of checks is free.
Union Bank also has a $200 checking account bonus, but it's only for a business checking account, and it has several requirements. The promotion is scheduled to end on June 30, 2010.
Branches Now in WA and OR in Addition to CA
Union Bank has recently acquired Frontier Bank and Tamalpais Bank when those banks were closed by regulators. Both the old Frontier Bank website and the old Tamalpais Bank website are listing this same CD promotion as of 6/20/10.
Frontier branches are located throughout Washington State and Oregon including the cities of Seattle, Sequim, Poulsbo, Tacoma, Everett, Lacey, Bellingham, Salem, Portland and Tigard.
Tamalpais branches are located in Marin County, California in the cities of Corte Madera, Mill Valley, San Anselmo, Tiburon, Greenbrae and San Rafael.
Union Bank branches are located throughout California. Some of the major cities include Oakland, San Francisco, San Jose, Concord, Fresno, Stockton, Bakersfield, Los Angeles, Madera, Salinas, Irvine, Roseville, Riverside, Sacramento, San Bernardino and San Diego.
Union Bank's ratings for safety and soundness are a little mixed: 4 stars (excellent) at BauerFinancial, 2 stars (below peer group) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Union Bank rates and reviews page). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. Union Bank has been a FDIC member since 1979 (FDIC Certificate # 22826).
Higher CD Rates in California
For those in the Los Angeles area, Habib American Bank is currently offering several very competitive CDs including a 2.50% APY 24-month CD and a 3.00% APY 36-month CD. Please refer to my bank review post for more details.
Best Nationwide CD Rates
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.