California Banking Rates and News

In today’s interest rate environment, the vast majority of rate changes have been cuts. When there’s a rate hike, it’s noteworthy, and that’s the case at INOVA Federal Credit Union. The rate of its high-yield reward checking account (called Ovation Checking) increased from 2.00% to 3.00% APY for balances up to $20,000. This checking account yield had been 2% APY for the last year. Thanks to the DA reader pearlbrown who mentioned this change in the discussion forum.

The other features of the Ovation Checking account have remained the same. Below is a summary of the rates and features as...

CapitalSource Bank continues to offer some competitive short-term CD rates. In addition, it has recently added an online application. Its best CD deals include a 1.01% APY 1-year CD and a 0.80% APY 6-month CD. These are also available as IRA CDs. The bank also has a promotional 9-month CD with a 0.90% APY. The promotional CD can only be opened online. Minimum deposit is $1,000. These CDs are listed in the bank’s rates page as of 5/23/2013.

Above the bank’s rate tables, there’s now an “Open-Now” link. Clicking on this link takes you to the online...

Christian Community Credit Union has two promotions that are pretty good deals. One important caveat about this credit union is that it’s not federally insured by the NCUA. Instead, its deposits are privately insured by ASI. The credit union is regulated by the California Department of Financial Institutions.

The first promotion is a $50 checking account bonus. You can earn a $50 Visa Reward Card for opening a new checking account. There’s also a $50 refer-a-friend bonus. You and each person you refer who opens a checking account receive a $50 Visa Reward Card. The credit union’s free checking account...

Update 5/17/13: According to an Irvine branch CSR, the You Choose CD rate has fallen to 1.50% APY. All other features remain the same.

SharePlus Federal Bank is offering special CDs called the You Choose CD. It allows you to choose any term on the bank’s regular CD products between 1 year and 5 years and earn 2.00% APY. Minimum deposit is $10,000. The maximum deposit is $25,000 without a checking account. It’s $50,000 when you have an active SharePlus checking with either direct deposit or an average account balance of at least $1,000 (must remain for the life of...

It's difficult finding short-term CDs with rates over 1.00% these days. This is especially the case if you prefer to open a CD at a brick-and-mortar branch. If you're searching for this CD, you might be interested in the CD special at Premier America Credit Union. It has a 13-month term with a 1.03% APY. Minimum deposit is $1,000. It's available for IRAs and business accounts. This is a limited time offer. The special CD rate is listed in the credit union's rates page as of 3/13/2013.

Premier America Credit Union also has a good deal on...

Pacific Trust Bank is offering a savings account special with rates guaranteed through 2013. The competitive rates require a large balance. The special is for the PacTrust One account, and it has the following rate tiers:

• 1.25% APY for balances of $250,000 and over
• 1.00% APY for balances of $100,000 to under $250,000
• 0.50% APY for balances of $25,000 to under $100,000

These rates are guaranteed to last until 12/31/2013, and new money is required. Minimum balance to open is $25,000. No interest is paid on balances under $25,000. This special is listed in the bank's promotions page...

It's rare to find a financial institution in major cities that offers top CD rates. A year ago I found one, but unfortunately, it's not easy to qualify for membership. The institution is Actors Federal Credit Union which has branches in New York City, Los Angeles and Chicago. Its 5-year CD and IRA CD rates continue to be very competitive. The 5-year CD has a 2.00% APY, and the 5-year IRA CD has a 2.15% APY. Minimum deposit is $500. These rates are listed in the credit union's rates page as of 2/19/2013.

As I...

Union Bank is offering a good deal on a money market promotion which guarantees 1.00% APY until December 31, 2013. To receive this rate, you have to open a new MoneyMarket Extra Account with a $10,000 minimum and a checking account. New money is required. This promotion doesn't appear to be listed at Union Bank's website. A reader received a mailer on this promo and emailed me (thanks!). I emailed Union Bank for additional details. According to the Union Bank CSR, this promo is available at all of Union Bank branches as of 2/13/2013.

Update: A reader found the

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...

BBVA Compass has changed its checking account promotion for the new year. Instead of a cash bonus, this new one offers a free Kindle Fire HD. Unlike the previous one, this new one requires direct deposit (and they specifically exclude bank-to-bank transfers). Here's the link to the new promotion. Below are the steps required for the bonus:

• Open a consumer checking account with a $25 minimum deposit by 3/31/2013
• Have a qualifying direct deposit of at least $300 from an unrelated third party post to the account within 90 days of account opening, AND
• Make 3 online bill payments...

First Entertainment Credit Union is again offering a special 4-month CD. This is the same special as it offered last year at this time, except the rate is only half of what it was. Nevertheless, the rate is still competitive for a 4-month term. It has an APY of 1.00%. Minimum deposit is $1,000. New money is required. This special is listed in this credit union's promo page as of 12/17/2012.

First Entertainment Credit Union also has a savings account called Firt500 Savings in which you can earn 5.00% APY on your first $500...

In today's interest rate environment, the vast majority of short-term CDs have rates under 1.00%. I found one exception at Xceed Financial Credit Union which has a special 9-month share certificate with a 1.00% APY. Minimum deposit is $500. This special CD rate is listed on the credit union's rates page and in the credit union's news & events page as of 11/21/2012. The news & events page has instructions about how the CD can be opened online.

Xceed has a history of CD specials. I reviewed the last one in