Balboa Thrift and Loan recently raised its 5-year CD rate to 2.53% APY. This isn't a great rate, but it is competitive especially for California. Minimum deposit is $10,000. Some of the other noteworthy CD rates include a 2.02% APY 4-year CD and a 1.77% APY 3-year CD. These rates are listed in the bank's products and services page as of 6/28/2011.
It appears a branch visit is required to open an account. Balboa Thrift and Loan branches are located in the California cities of Fresno, Claremont, La Quinta and Chula Vista.
The bank is financially strong with an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.98% (excellent) based on March 2011 data. Please refer to our financial overview of Balboa Thrift and Loan for more details. The bank has been a FDIC member since 1986 (FDIC Certificate # 26704).
How This CD Rate Compares
In California, you can get a little higher 5-year CD rate at two FDIC-insured banks that are subsidiaries of foreign banks. One is Habib American Bank which is offering 2.55% APY on a 5-year term. Another one is State Bank of India (California) which is offering 2.75% APY on its 5-year CD. Another California CD option is US Bank which continues to offer 2.50% APY on its 59-month CD special. Before considering a CD at US Bank, you might want to consider their latest fee hike on IRAs. Rates are accurate as of 6/28/2011.
For nationally available 5-year CD rates, the best is 3.00% APY at Connexus Credit Union which requires an active checking account. Without the checking requirement, the best rate is 2.93% APY at Fort Knox Federal Credit Union. Rates are accurate as of 6/28/2011.