Beal Bank has some good deals on short-term CDs. However, the best rates are only in a few cities where it has branches, and they are different cities than when I last reported on Beal Bank in December. You can check what rates are available in your area by entering your zip code in Beal Bank's rates page. I did this for zip codes of most of the cities where Beal Bank has branches.
The best CD deals are 1.01% APY for a 1-year CD and a 0.81% APY for a 9-month CD. These CD rates were listed for zip codes from Las Vegas, Los Angeles and San Diego. Unfortunately, most of the other cities had a low 1-year CD rate of 0.60%. Minimum deposit is $1,000. These rates were listed at Beal Bank on 8/31/2012.
Beal Bank is also the owner of UmbrellaBank.com. This internet bank used to be owned by New South Federal Savings Bank in Alabama, but in December 2009, New South Federal Savings Bank failed and the FDIC arranged for Beal Bank to acquire New South Federal. Beal Bank wasn't kind to UmbrellaBank CD holders (see post). UmbrellaBank continues to offer subpar CD rates.
Beal Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 50.07% (below average) based on June 2012 data. Please refer to our financial overview of Beal Bank for more details. The bank has been a FDIC member since 1988 (FDIC Certificate # 32574).
How These CD Rates Compare
If you live in Nevada, you probably won't be able to find a higher 1-year CD rate at a local bank or credit union.
The best nationally available short-term CD deals is at CIT Bank which offers a 1-year CD with a 1.10% APY. This also has an add-on and bump-up feature. Minimum deposit is $25K.
If you prefer CD terms under 1 year, it's hard to beat Ally Bank's 11-month No-Penalty CD which has a 0.92% APY. The no-penalty feature allows you to make this CD to have any term you want from 7 days to 11 months (see my review).
The above rates are accurate as of 8/31/2012.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.