BBCN Bank began advertising two specials today: a 15-month CD (1.25% APY) and a Money Market Account (1.08% APY). These specials are not currently listed on BBCN Bank’s website.
I contacted BBCN Bank branches in California, New York, and New Jersey to determine availability, and all the CSRs stated the specials were available at all branches. That being said, it’s always prudent to check with your branch.
While these most certainly are limited-time offers, CSR could not provide a specific end date. The closest thing I could get to a time commitment was a statement that the specials would be offered until BBCN Bank "met its goals."
According to CSR, the details for the 15-month CD are as follows:
- Minimum deposit is $30K new money, with a $250K balance cap.
- Early Withdrawal Penalty is 90 days interest.
- A personal checking account relationship is required: earned interest is automatically transferred each month.
CSR also stated that the MMA requires a minimum $50K deposit.
Thank you to one of DA’s long-timer readers who saw these specials in the Los Angeles Times.
BBCN Bank’s market area includes California, Illinois, New Jersey, New York, Virginia, and Washington State.
BBCN Bank’s online banking platform is limited to account management and bill payment transactions. The 15-month CD Special and the Money Market Account can be opened at any of 46 branches located in California (24), Illinois (11), New Jersey (2), New York (4), Virginia, and Washington State (4). All of BBCN Bank’s branches are situated in or near large metropolitan areas.
BBCN Bank (FDIC Certificate # 26610) has an "A+" rating at DepositAccounts.com, with a Texas Ratio of 2.51% (excellent) as of December 31, 2014. In the past year, BBCN Bank has increased its total deposits by $545 Million, an excellent annual growth rate of 10.57%. Please refer to our financial overview of CCBN Bank for more details.
Originally established in 1986 as the California Central Bank, BBCN Bank is the largest Korean-American bank in the U.S and the 14th largest bank in California. In the past 28 years, BBCN has acquired six other banks in Los Angeles, Chicago, and Seattle, resulting in a major financial institution with assets in excess of $7 Billion.
How the Specials Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that are available nationally, CCBN’s 15-month CD Special is competitive.
When compared to other Money Market and Savings Accounts tracked by DepositAccounts.com, that are available nationally, CCBN’s MMA is competitive.
The above rates are accurate as of 3/4/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.