CapitalSource Bank is again offering two promotional short-term CDs with competitive rates. The rates are a little lower than the rates that I reported on in December, but that's no different than any other bank. The two special CDs are a 1.01% APY 13-month CD and a 0.90% APY 7-month CD. Minimum deposit to qualify for these rates is $10,000. These rates are listed in the bank's rates page as of 8/31/2012.
Above the bank's rate table, it states that "to open a new account, call 888.433.4CSB (888.433.4272)." I don't know if the bank will accept customers outside their market area. CapitalSource Bank branches are located throughout Central and Southern California. Some of the cities include Los Angeles, Fresno, Bakersfield, Hanford, Santa Barbara and Redlands.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 9.26% (above average) based on June 2012 data. Please refer to our financial overview of CapitalSource Bank for more details. The bank has been a FDIC member since 2008 (FDIC Certificate # 58878).
How These CD Rates Compare
These short-term CD rates are competitive compared to what other banks and credit unions offer in Southern California. One of the best short-term CD deals is at First Choice Bank in Cerritos California which offers a 1.00% APY 9-month CD (288 days) and a 1.10% APY 1-year CD (366 days) with a $50K minimum deposit. Another good SoCal deal is at BBVA Compass which offers a 15-month CD with 1.00% APY for a $500 minimum deposit. BBVA Compass also offers a 1.25% APY 2-year CD and a 2.00% APY 5-year CD, and this is available in several other states besides California.
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.