Beach Business Bank continues to offer a competitive savings account. However, the rate has fallen in October from 1.40% to 1.25% APY for balances of at least $10K. I first reported on this account in June 2009 when the rate was 2.50% APY. 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 (10/6/2010) for the rates.
At least the 5-year CD rate didn't drop in October. According to the CSR, it's still 2.80% APY with a minimum deposit of $10K. The rates for shorter terms are not quite as competitive. One example is the 30-month CD which has a 1.75% APY. One downside with the 5-year CD is a harsh early withdrawal peanlty of 12 months of interest.
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).