California Banking Rates and News

Most of the CD rates at INOVA Federal Credit Union are low, but there's one rate that's very competitive. It's the 6-year share certificate which has a 2.50% APY. Minimum deposit is $200. There's also a step-up option, but the rate is 0.10% lower. This allows the member to step-up the rate one time during the term. The IRA share certificates have rates 0.10% higher. These rates are listed in the CD rates page as of 1/11/2012.

According to the member service rep, the 6-year CD has an early withdrawal penalty of 180 days of...

Some credit unions and banks have a rates match program in which they will match or exceed the rate of the same product at other banks or credit unions. Stanford Federal Credit Union is one of the institutions that has such a program. It's called the ‘Beat the Rate’ Program. Members with a Stanford FCU checking account and a monthly direct deposit of $500 or more to checking will receive a 0.10% rate bonus above the competition. A reader had a good idea about how to put this to work. In a comment he suggested to use this...

Union Bank has a checking account promotion in which you can earn 5% cash back from your debit card purchases for up to $250. To earn the full $250, it will require $5,000 in debit card purchases through April 30, 2012. Also, customers should be aware that Union Bank ended its free checking accounts in January. So they'll have to be careful to avoid monthly fees.

The details of this offer are listed at this Union Bank promotions page. Here's the summary that's listed on this promotions page:

• open a new personal or business checking account...

Alaska USA Credit Union held on to some very competitive rates for most of last year. Unfortunately, those rates didn't make it into 2012. However, the new CD and IRA CD rates are still fairly competitive. Below are some of the most competitive CD rates as listed in the credit union's rates page as of 1/5/2012:

• 2.35% APY 5-year CD $100K min (2.25% for $10K)
• 2.01% APY 4-year CD $100K min (1.91% for $10K)
• 1.65% APY 3-year CD $100K min (1.55% for $10K)
• 1.30% APY 2-year CD $100K min (1.20% for $10K)

According to the credit union's disclosure,...

Like many banks, deposit rates have fallen at American Plus Bank, N.A. since September when I last reviewed this bank. However, it continues to offer competitive rates on its mid-term CDs. The three best are the 0.95% APY 6-month CD, 1.16% APY 1-year CD and the 1.36% APY 2-year CD. Minimum deposit is $1,000. These rates are listed at the bank's rates page as of 12/27/2011.

Unlike the CD rates, the bank's savings account rates have remained the same since September. So they're even more competitive. The top rate is 1.10% for a balance of...

Short-term CD deals can often be more trouble than they're worth. But if the rate is high enough and there aren't hoops to jump through, it might be worthwhile. That may be the case with this CD special at First Entertainment Credit Union. It's offering a 4-month CD special (term savings certificate) with a 2.00% APY. Minimum deposit is $1,000, and the maximum deposit is $25,000 per member. The only requirement listed is that the funds be new money. This special is listed in this credit union's promo page as of 12/26/2011. Hat tip to reader...

CapitalSource Bank has two promotional short-term CD rates with competitive rates. One has a 1.15% APY with a 11-month term, and the other has a 0.95% APY with a 5-month term. Minimum deposit to qualify for these rates is $10,000. These rates are listed in the bank's rates page as of 12/22/2011.

Above the rate table, the bank 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...

Every now and then I come across an unusual credit union with competitive rates that I haven't seen before. That's the case with Polam Federal Credit Union. It's offering two competitive CD rates: 2.45% APY for 5 years and a 1.85% APY for 3 years. Minimum deposit is $25,000. Rates are 5 basis points lower for a $2,500 minimum deposit. These rates are listed in the credit union's rates sheet as of 12/22/2011.

It's a small credit union with two branches located in Los Angeles and Orange, California. What makes this credit union unusual...

Pacific Trust Bank is offering a money market promotion with a 1.00% APY guaranteed until 3/31/2012. It's called the Choice Money Market Account. It has a $2,500 minimum deposit, and a checking account is required. This special rate is listed on the bank's rate sheet as of 12/13/2011. More details are provided in this online ad.

In addition to this money market promotion, there's a checking account promotion with a bonus of up to $60. Customers will receive a credit of $5 per statement period during which a debit card purchase is...

Beal Bank has some good deals on short-term CDs. However, the best rates are only in a few cities where it has branches. You can check what rates are available in your area by entering your zip code in Beal Bank's CD page. I did this for zip codes of most of the cities where Beal Bank has branches. The city with the best 1-year CD rate is San Diego with a 1.15% APY. Three other cities have 1-year CD rates of 1.10% APY. These include Winter Park, Florida (Orlando metro), Frontenac, Missouri (St Louis metro)...

I just confirmed that Alliant Credit Union will be keeping its savings and checking rates the same for December. Alliant Savings Account has a 1.15% APY on balances of $100 or more. Its High Rate Checking has a 1.10% APY on all balances. This checking rate requires monthly electronic deposits and e-statements.

With these rates holding through December, Alliant has become the only institution that has kept its savings account rate unchanged for all of 2011. It was back in December 17, 2010 that we learned that Alliant was going to cut its 1.35% APY to the...

Wilshire State Bank continues to offer an installment savings account that it calls Rainbow Savings. I last reviewed this account in January, and I'm pleasantly surprised to see the rates have gone up. The best rates require an automatic transfer from a Wilshire State Bank deposit account. The yields range from 2.02% APY for a 1-year term to 2.79% APY for a 3-year term. These rates are listed in the Rainbow Savings page as of 11/22/2011.

For those trying to squeeze as much interest from deposit accounts as possible, the installment savings account is something...