Banc of California Offers Nationwide 18-month CD
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.
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.
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.
