California Deposit Account Rates and Deals

Beach Business Bank continues to offer a very competitive savings account. I first reported on this account in June 2009 when the rate was 2.50% APY. The rate has fallen, but it's still very competitive at 1.40% APY on balances of at least $10K. The rate drops to 1% APY on balances under $10K. There are no monthly fees. This savings account isn't listed at the bank's website. Unfortunately, the bank's rates page just lists the phone numbers. I called the bank yesterday (9/7/2010) for the rates.

The bank also used to have some very competitive CD rates, but these rates also fell on September 1st. The best deal is currently the 5-year CD which has a 2.80% APY. Minimum deposit is $10,000.

Please refer to my June 2009 review of this savings account for more details. One reader commented in my July review that you have to visit a branch to open an account. I asked yesterday about this, and even though the rep didn't state it required a branch visit, the documents and signatures they need make it appear to be essentially a local deal.

Branches are located in the California cities of Manhattan Beach, Long Beach and Costa Mesa.

The bank has an overall health score of 5 out of 5 with a Texas Ratio of 10.84% at DepositAccounts.com based on 6/30/2010 data. Please refer to our financial overview of Beach Business Bank for more details. The bank has been a FDIC member since 2004 (FDIC Certificate # 57678).

Other Competitive Savings Accounts

• My top savings accounts from my weekly summary
• Best Savings Accounts at DepositAccounts.com tables
• Best CD Rates at DepositAccounts.com tables

F&A Federal Credit Union is offering several very competitive money market, CD and IRA CD rates. I just came across this credit union as I was reviewing a list of California's largest credit unions. Even though it's a large credit union, I'm afraid they don't make it easy to join. F&A's money market account has a yield that ranges from 1.50% APY on balances of at least $2.5K to 1.60% APY for balances over $100K. These yields are listed in the credit union's rates page as of 9/02/2010.

The CD and IRA CD rates are also competitive for all terms. They also provide an extra 5 basis points for Jumbo CDs with minimum deposits of $50K. Below is a list of the rates for the regular CDs which require only a $1K minimum deposit. This is based on the yields listed in the credit union's rates page as of 9/02/2010. At the top of the page, there's a date range of 9/01/2010 to 9/07/2010.

• 1.55% APY 6 to 11 months
• 1.65% APY 12 to 17 months
• 1.80% APY 18 to 23 months
• 2.05% APY 24 to 35 months
• 2.45% APY 36 to 47 months
• 2.95% APY 48 to 59 months
• 3.10% APY 5 years

Membership Eligibility

As I mentioned above, F&A FCU doesn't make it easy to join. Membership is primarily based on Select Employer Groups. Some of these include the County of Los Angeles Fire Department, the Office of the Farm Advisory and the Los Angeles County Lifeguards. The SEG also includes employees of several California cities. Please refer to the credit union's membership page for the full details.

The credit union's main branch is located at Monterey Park, California. The credit union is part of the shared-branch cooperative, CU Service Centers. This allows you to make many transactions at shared branches across the nation as if it were your home branch.

As I mentioned above, F&A FCU is a sizable credit union with $1.11 billion in assets. It's in good financial shape with an overall health score of 5 out of 5 and a Texas Ratio of 1.86% at DepositAccounts.com based on June 2010 data (see our financial overview of F&A Federal Credit Union). The credit union is federally insured by the NCUA (Charter # 1493).

Searching for the Best CD and Money Market Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com:

• CD rates
• IRA CD rates
• Money Market rates
• Savings Account Rates

Bay Federal Credit Union is offering competitive rates on two of its long-term CDs and IRA CDs: 3.05% APY for 5 years and 2.53% APY for 4 years. Minimum deposit is $10,000. The rates are 5 basis points less for a $1,000 minimum. These yields are listed in the credit union's rates page as of 8/17/2010.

When I last posted on this credit union in 2008, I mentioned that these CDs have a bump-up option. I wasn't able to find this mentioned on the current website except for the Truth-in-Savings Disclosure which still mentions this feature:

The Certificate Bump Up Option refers to the Credit Union's offer to adjust the interest rate on any 3, 4, or 5 year IRA Certificate or Regular Certificate of $1,000 or more, one time only during the original term of the certificate.

Also mentioned in the disclosure is the early withdrawal penalties. According to the disclosure, it's 180 days of interest for terms of 1 year and over. I appreciate it when institutions include their truth-in-savings disclosure online. I just hope it's up-to-date.

Membership is open to anyone who lives, works, volunteers, worships or attends school in Santa Cruz, San Benito, or Monterey County. Please refer to their Membership Page for more details. Membership requires a one-time $5 fee.

Branches are located in Aptos, Ben Lomond, Capitola, Salinas, Santa Cruz, Scotts Valley and Watsonville

The credit union has an overall health score of 4 out of 5 at DepositAccounts.com based on March 2010 data (see our financial overview of Bay Federal Credit Union. It's federally insured by the NCUA (Charter # 12067).

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.

Stanford Federal Credit Union continues to offer a few competitive CD and IRA CD rates. The best is the 2-year CD with yields that range from 2.22% APY for a $1K minimum to 2.43% APY for a $100K minimum. Other competitive ones include an 18-month CD with a top rate of 1.92% APY and a 3-year CD with a top rate of 2.48% APY. IRA CD rates are even higher with top 24-month CD rate of 2.84% APY. These rates are listed in the credit union's rates page as of 8/10/2010.

There's also a nice step-up 25-month CD. The main feature the credit union highlights is the step-up feature which gives you one opportunity to step-up to a currently higher rate. However, the best feature in my opinion is the add-on feature. Additional deposits may be made at anytime prior to maturity. Add-on CDs are a great account to have to help protect against an extended low interest rate environment.

You do have to give up some interest by choosing this 25-month step-up CD over the regular 24-month CD, but the rates are still quite competitive for a 2-year term. The 25-month CD rates range from 1.92% APY for a $1K minimum to 2.12% APY for a $100K minimum. These rates are listed in the credit union's rates page as of 8/10/2010.

Another good deal is the credit union's Health Savings Account (HSA). The rate is 3.04% APY (as listed in the deposit rates page as of 8/10/2010). Unfortunately, this rate has gone down quite a bit since my last post on Stanford FCU in May when the rate was 4.86% APY.

According to the credit union's membership page:

Not a part of the Stanford community, not a problem. By joining the Museum of American Heritage (MOAH) or Friends of Palo Alto Libraries (FOPAL) you will become eligible to become a member of Stanford Federal Credit Union

Credit union membership requires a minimum $50 balance in an account

Branches are located in Stanford and Palo Alto, California. The credit union is also a member of CU Service Centers which allows you to perform many transactions at branches of other credit unions which are part of the network.

The credit union's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Stanford FCU rates and reviews page). The credit union is federally insured by the NCUA (Charter # 13392).

Note, Stanford Federal Credit Union has no affiliation with Stanford International Bank that was accused of a fraud by the SEC on February 2009.

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.

Community Bank is offering a 3.05% APY 5-year CD. Minimum deposit is $50,000. The rate is only 2.33% APY for a $2,500 minimum deposit. The 3.05% APY is also available in an IRA with only a $500 minimum deposit. These rates are listed in the bank's rates page as of the morning of 8/05/2010.

It appears that a branch visit is required to open an account. Branches are located in several California cities in the Los Angeles metro area. Some of these cities include Pasadena, Anaheim, Burbank and Glendale.

The bank's ratings for safety and soundness are a little above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Community Bank review). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1983 (FDIC Certificate # 24315).

First Choice Bank continues to have competitive short-term CD rates. One nice thing that has changed since my last post on this bank in 2009 is that they now list their CD rates on their website. The best deal is their CD with terms of 288 to 365 days (9.4 months to 1 year) which has a 1.60% APY for a $50K minimum. For a $5K minimum the rate is 1.55% APY. Also competitive are the 6-month (183-day) CD with a 1.35% APY and a 12-month (366-day) CD with a 1.75% APY. These rates are listed in the bank's rates page as of 8/05/2010.

When I contacted the bank last year, I was told that a branch visit is required for new customers. Branches are located in the suburbs of Los Angeles, in the cities of Cerritos and Alhambra.

The bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at Bankrate.com, 3 stars (adequate) at BauerFinancial and an overall health score of 3 out of 5 at DepositAccounts.com (see our First Choice Bank review). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 2005 (FDIC Certificate # 57966).

Umpqua Bank is offering two special CDs and a money market deal as part of a summer sale. There are actually two sales. The one with the best rates is scheduled to end August 6, 2010. Here's the link to this sale. The two CDs include a 1.85% APY 13-month CD and a 2.60% APY 36-month CD. Minimum deposit is $5K. These same CDs are also available in an IRA with smaller minimum deposit requirements. The early withdrawal penalty is 180 days of interest on the amount withdrawn. A checking account is required.

Money Market Promo

The money market account has a rate of 1.60% APY on balances up to $10K, and the rate is guaranteed to 12/31/10. Balances under $10K earn 0.70%. After the promo period the rate will revert to the standard rate. The standard rate is a tiered rate that's indexed to the 90-day T-Bill rate. However, the minimum rate is 0.50% and the maximum is 8.50%. Minimum deposit to avoid a $10/month fee is $1,000. A checking account is required.

The Other Sale

There's also another sale that's scheduled to last until August 31, 2010. It has the same CDs and money market account as above, but the rates are 10 basis points lower. Also, the CDs have a minimum deposit requirement of $10K. Here's the link to this sale. One plus is that this promo page allows you to open the accounts online.

High-Yield Reward Checking Account

Both sales also have other offers, but I don't see any that are notable for savers. One is a reward checking account, HIP Checking, that pays 2.00% APY on balances up to $25K. It has the typical reward checking requirements, and it has no monthly fees or minimum balance requirements. The rate is low for a reward checking account, but it would be a good account to meet the checking requirement for the CD or money market promo.

Online Application But Only for WA, OR & CA

For the sale with the lower rates that continues through August, there's an online application, however, on the second page of the application, you must select a zip code in Washington State, Oregon or California. Not all zip codes in these states are included. For those who can't find their zip code listed, it has the following note:

If your zip code is not listed above, it's probably because you're outside of our service footprint, and we cannot open an account for you.

Comparison to Last Year

Umpqua Bank had a similar promotion last year at this time, but the rates were higher: 2.50% for the 13-month CD and 2.00% for the money market promo. It's another example of how rates have declined over the last year.

Bank Overview

Umpqua Bank Branches are located mostly in Northern California and in Oregon with a few branches in Washington State.

Umpqua Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com, 3½ stars (good) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our Umpqua Bank Reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1953 (FDIC Certificate # 17266).

Thanks to the reader who emailed me news of this sale.

The Fort Sill National Bank is offering several competitive CD rates. The most competitive one is the 6-month CD with a 1.41% APY. Other ones include a 1.75% APY 18-month CD, a 2.00% APY 30-month CD and a 3.00% APY 60-month CD. Minimum deposit is $500. These rates are listed in the bank's rates page as of 8/04/2010.

It appears that a branch visit is required to open an account. As you might expect by the name, the bank is targeted to military communities, and many of its branches are on military bases. However, the bank also serves civilian communities, and it has many branches outside of bases (many are in Walmart). The states which have several branches outside of military bases include Oklahoma, Tennessee and North Carolina. The other states in which the branches are mostly inside military bases include California, Texas, South Carolina and Delaware.

The bank's ratings for safety and soundness are very strong: 5 stars (superior) at BauerFinancial, 5 stars (superior) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our FSNB reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1946 (FDIC Certificate # 16416).

I see BBVA Compass is making the most out of its new alliance with SmartyPig. I just noticed Compass is advertising this $150 checking account bonus on SmartyPig's home page. Here's the direct link to the promo, and here are the requirements for the $150:

• Open a new Build to Order Checking account online
• Set up payroll Direct Deposit and earn $75
• Sign up for Online Bill Pay and earn $25 per month by paying at least 5 bills per month for 3 months

Unlike SmartyPig which is available nationwide, Compass bank products are only available where they have branches which includes AL, AZ, CA, CO, FL, NM & TX. The offer is scheduled to last until 8/31/2010, and is only available to new consumer checking households.

Here is the small print which includes some details of the requirements:

To get $75 for a recurring payroll direct deposit, you must establish the recurring payroll direct deposit of at least $300 within 30 days following the date you open a new BBVA Compass consumer checking account. $75 bonus will be deposited, within 120 days of first recurring payroll direct deposit, into the new checking account that receives the direct deposit. Account must be open at time this bonus is paid in order for you to qualify for bonus. Bonuses are paid on the last business day of the month.

To get up to $75 for using Online Bill Pay, you must pay at least 5 eligible bills via Online Bill Pay every 30 days for the first 90 days after you open a new BBVA Compass checking account. To be eligible, each online payment must be for at least $25 and must be made to an unrelated third party. You'll receive $25 for each 30-day period in which you make the required online payments, up to $75. Each $25 bonus will be deposited into the new checking account from which online payments were made, within 60 days of the fifth eligible online payment for each 30-day period.

BBVA Compass Build-to-Order Free Checking

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in a previous Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.

BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).

Other Bank Bonuses

To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.

20Th Century Fox CU is offering a competitive 4-year CD with a 2.78% APY. Minimum deposit is $2,500. This 4-year CD is really the only noteworthy CD. Their other CD rates are much less competitive. This CD rate is listed in the credit union's rates page as of 7/28/2010.

In addition to employees of 20th Century Fox, credit union membership is open to members of two associations. According to the credit union's Who Can Join page, the following are qualified to join:

• Members of America Schools Program Los Angeles in Los Angeles, CA
• Employees and members of Best Friends Animal Society-Los Angeles Chapter, Woodland Hills, CA

The credit union includes links to the applications for both of these associations, and these applications are part of the credit union application. Membership requires a $5 one-time fee and a minimum balance of $25 in the share savings account.

Branches are located in Los Angeles, California and New York, New York.

The credit union's ratings for safety and soundness are fair: 3 stars (adequate) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall score of 3 out of 5 at DepositAccounts.com (see our financial overview for 20th Century Fox FCU). These ratings are based on March 2010 financial data. The credit union is federally insured by the NCUA (Charter # 16954).

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.