Beach Business Bank continues to offer a very competitive savings account. I first reported on this account in June 2009 when the rate was 2.50% APY. The rate has fallen, but it's still very competitive at 1.40% APY on balances of at least $10K. The rate drops to 1% APY on balances under $10K. There are no monthly fees. This savings account isn't listed at the bank's website. Unfortunately, the bank's rates page just lists the phone numbers. I called the bank yesterday (9/7/2010) for the rates.
The bank also used to have some very competitive CD rates, but these rates also fell on September 1st. The best deal is currently the 5-year CD which has a 2.80% APY. Minimum deposit is $10,000.
Please refer to my June 2009 review of this savings account for more details. One reader commented in my July review that you have to visit a branch to open an account. I asked yesterday about this, and even though the rep didn't state it required a branch visit, the documents and signatures they need make it appear to be essentially a local deal.
Branches are located in the California cities of Manhattan Beach, Long Beach and Costa Mesa.
The bank has an overall health score of 5 out of 5 with a Texas Ratio of 10.84% at DepositAccounts.com based on 6/30/2010 data. Please refer to our financial overview of Beach Business Bank for more details. The bank has been a FDIC member since 2004 (FDIC Certificate # 57678).