Pacific Trust Bank is offering a money market promotion with a 1.00% APY guaranteed until 3/31/2012. It's called the Choice Money Market Account. It has a $2,500 minimum deposit, and a checking account is required. This special rate is listed on the bank's rate sheet as of 12/13/2011. More details are provided in this online ad.
In addition to this money market promotion, there's a checking account promotion with a bonus of up to $60. Customers will receive a credit of $5 per statement period during which a debit card purchase is processed for the first 12 statement periods. It requires a new Value or Market Checking Account to be opened by 12/31/2011.
It should be noted that the Value and Market Checking accounts are not free checking accounts. There are monthly fees, but I can't find the details at the bank's checking page. On the plus side, these accounts offer free and unlimited non-PacTrust ATM withdrawals. I don't see any mention of ATM fee reimbursements, but they belong to three ATM networks.
I mentioned this bonus in the forum last month on Bank Transfer Day. Pacific Trust is hoping to win customers from megabanks like Bank of America which were about to start charging fees for debit card usage.
Bank account applications can be mailed, but based on the procedures, a branch visit makes the application process much easier. Pacific Trust Bank branches are located in the greater metropolitan areas of San Diego and Riverside counties, California. The bank is also part of the CU Service Centers network of shared branches.
Pacific Trust Bank Overview
I was surprised to see that the bank was part of the CU Service Centers network of shared branches. This might be due to the fact the bank used to be a credit union. According to the bank's About page, the credit union was converted to a mutually owned federal savings bank in 2000. Then in 2002 it was converted from mutual to stock form of ownership.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 15.12% (average) based on September 2011 data. Please refer to our financial overview of Pacific Trust Bank for more details. The bank has been a FDIC member since 2000 (FDIC Certificate # 35498).
How This Promo Money Market Rate Compares
Currently, the best savings account promo that's nationally available is at Flagstar Bank which is offering a 1.25% APY guaranteed for 4 months.
Another good deal is the checking account promo at Capital One. The rate is lower at 0.91%, but it's guaranteed to last for one year.