CapitalSource Bank is again offering some competitive short-term CDs. The best deal is a 1-year CD with a 1.01% APY. The 18-month CD also has this same yield. The 9-month CD has a 0.85% APY. Minimum deposit to qualify for these rates is $10,000. These rates are listed in the bank's rates page as of 1/30/2013.
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 6.04% (excellent) based on September 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 This 1-Year CD Rate Compares
The best nationally available 1-year CD rate is 1.25% APY at PenFed. For internet banks, the highest rate is 1.05% APY. Several internet banks are offering 1.05%. They include CIT Bank, Sallie Mae Bank and Colorado Federal Savings Bank. These rates are accurate as of 1/30/2013.
Those in California who prefer to bank locally may still prefer the 1-year CD at CapitalSource Bank. In that case, a 1-year CD can make more sense than a local money market account with rates far below 1%. If you don't mind banking online, it's hard to justify a 1% CD when there are many internet savings and money market accounts that pay around 1%.
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.