Banc of California Offers Nationwide 18-month CD, 2.50% APY

POSTED ON BY

Availability: 18-month CD (2.50% APY), 24-month CD (2.65% APY), $25k minimum deposit

Availability: Nationwide

Over the weekend, the Los Angeles Times carried an advertisement for two competitive CDs offered by Banc of California. The 18-month CD (2.50% APY) and 24-month CD (2.65% APY) require a $25k minimum deposit, and there is no mention of any balance cap.

Generally, there seem to be two types of online applications: those that include disclosures on the first page and those that have disclosures at the very end of the application, requiring you to fill out the application completely. Banc of California’s online application unfortunately falls into the latter category. CSR was able to provide the following information:

  • Funding – The CDs can be funded through a U.S. checking or savings account, or by ACH. There is no dollar limit on ACH transfers.
  • Accessing Matured Funds – There is a 10-day grace period. Funds can be distributed by cashier check or through an ACH transfer.
  • Beneficiaries – Unlimited beneficiaries are allowed and Social Security numbers are not required.

According to CSR, partial withdrawals are not allowed and if either CD is closed prior to maturity, a 6 month Early Withdrawal Penalty will be assessed.

Thanks to DA reader, Jake9, for his Forum post about these two competitive CDs.

Personal High Yield Savings

Banc of California is also offering a Personal High Yield Savings (PHYS) account that earns 1.60% APY on balances of $10k and above. Balances below $10k do not earn any interest and are subject to a monthly $25 low balance fee. While maturing CD funds can be transferred to a PHYS, the PHYS can only be opened in-branch, which is not helpful to out-of-state CD account holders.

Availability

Headquartered in Santa Ana, California, Banc of California’s primary market area is Southern California, but these CDs are being offered nationwide through its online platform.

The CDs can also be opened at any of the 42 California branches, which are situated along the Pacific Ocean coastline from Santa Barbara to Chula Vista. The vast majority of these branches are located in greater Los Angeles metropolitan area.

Bank Overview

Banc of California has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.91% (excellent), based on March 31, 2018 data. Banc of California has an excellent capitalization (11.44%), the result of holding $10.32 billion in assets with $1.18 billion in equity. Please refer to our financial overview of Banc of California (FDIC Certificate # 35498) for more details.

Here’s the kind of statement I don’t make very often: established in 1941, Banc of California was a credit union for the first 59 years. The original Rohr Employees Federal Credit Union served the employees of Rohr Aircraft, which is headquartered in Chula Vista. The Credit Union rebranded as Pacific Trust Federal Credit Union in 1994, and then in 2000, became Pacific Trust Bank. Following the acquisition of two Southern California banks in 2012 and 2013, the Bank became known as Banc of California. As California’s 13th largest bank, Banc of California has been named the Top OC-Based Commercial Bank by Orange County Business Journal for the third year in row.

How the CDs Compare

When compared to the 169 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Banc of California’s 18-month CD APY currently ranks third, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
2.58% APYOnline 19-Month CD ($500 min)MutualOne Bank
2.53% APY18-Month Variable CD ($500 min)Capitol Federal Bank
2.50% APY18-Month CD ($25k min)Banc of California

When compared to the 216 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Banc of California’s 24-month CD APY currently ranks third, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
2.80% APY24-Month CD ($1k min)Greenwood Credit Union
2.75% APY24-Month Online CD ($10k min)Capitol Federal Bank
2.65% APY24-Month CD ($25k min)Banc of California

The above rates are accurate as of 6/7/2018.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Los Angeles CD rates, San Diego CD rates, Santa Barbara CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
2.50% Savings Account at Beach Business Bank in CA - Nationally Available

Update 7/7/2010: The top rate has fallen to 1.50% APY.

Beach Business Bank is offering a savings account with a rate of 2.50% APY starting July 1, 2009. After July 1st, the rate may change at anytime. It's currently 2.75% APY. Minimum deposit is $10,000. Balances under $10,000 only earn 1% APY. There are no monthly service fees.

This account doesn't seem to be listed at the bank's website. A reader emailed me info on this account, and I called their toll-free number at 866-862-3878 for more details. According to the CSR,...

Continue Reading
4.08% 6-Month CD at a California Bank (Gateway Business)
Gateway Business Bank is offering a special 4.08% APY 6-month CD. The minimum deposit is $10,000, and the money must be new to the bank.

This special doesn't seem to be listed at the bank's website. A reader mentioned seeing this being advertised in a newspaper, and I just called for additional details. According to the CSR, this special CD requires a branch visit to open. They do have an online application that allows anyone in California to open an account. However, this special CD may not be available in this...

Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.