UPDATE 7/5/2016: No longer available.
Bank of Southern California recently added a limited-time 13-month CD Special to its product line.
The 13-month CD Special requires new money to open, with deposits of $100k+ earning 1.30% APY, and deposits of $5k - $99,999 earning 1.20% APY. While no balance cap is specifically mentioned, the fine print does state,
CD Rate valid for first $1MM in balances. For balances over $1MM see banker for details.
According to a very helpful CSR, the Early Withdrawal Penalty on the 13-month CD Special is 90 days interest.
Headquartered in San Diego, the aptly named Bank of Southern California has a market area that reaches from San Diego to Palm Desert .
Opening any type of account, including the 13-month CD Special, Bank of Southern California must be done in person at any of seven California branches located in Carlsbad, La Quinta, Palm Desert, Rancho Mirage, Ramona, and San Diego (2). The Bank's online platform is currently dedicated to account management and bill payment services.
Bank of Southern California (FDIC Certificate # 57044) has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.86% (excellent) as of December 31, 2015. In the past year, Bank of Southern California has increased its total deposit by $15.86 Million, an excellent annual growth rate of 5.62%. Please refer to our financial overview of Bank of Southern California for more details.
Established in 2001 as the Ramona National Bank, Bank of Southern California experienced two name changes and three acquisitions in 13 years. With assets in excess of $344 million, Bank of Southern California is "committed to serving the unique professional and personal needs of our local business communities."
How the CD Compares
When compared to the 165 similar length-of-term CDs tracked by DepositAccounts.com that are available to Southern California residents, Bank of Southern California’s 13-month CD Special APY currently ranks fourth, regardless of minimum deposit.
The above rates are accurate as of 4/28/2016.