Top Short-Term CD Rates at First Choice Bank in Southern California - Local Only

First Choice Bank continues to offer several very competitive CD rates. My last post on this bank was in December, and it's nice to see that the CD rates have remained the same. The best rates require a $50,000 minimum deposit. The rates are 5 to 10 basis points lower for a $2,500 minimum. The best rates ($50K min) as listed in the bank's deposit rates page as of 6/30/2011 include:

• 1.25% APY for 288 to 365 days (288 days is between 9 and 10 months)
• 1.35% APY for 366 to 540 days
• 1.60% APY for 541 to 730 days (541 days is about 18 months)

The rates for terms shorter and longer than these are also competitive, but not quite as good as these. As a comparison to internet banks, the best deal is at Incredible Bank which is offering a 1.10% APY 9-month CD, a 1.30% APY 13-month CD and a 1.50% APY 19-month CD (as of 6/30/2011).

Eligibility

To open an account, I was told that customers must come into one of the bank's branches with their drivers’ license and a second form of ID. The bank only accepts customers from their local market area (in or near Orange and Los Angeles County).

First Choice Bank branches are located in Cerritos and Alhambra, CA.

The bank's overall health score is 5 stars (out of 5) at DepositAccounts.com with a Texas Ratio of 0.94% (excellent) based on March 2011 data. Please refer to our financial overview of First Choice Bank for more details. The bank has been a FDIC member since 2005 (FDIC Certificate # 57966).

Comparing the Best CD Rates

To find the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.