Bank of Whittier Has Nationally Available Competitive 1-Year CD
California-based Bank of Whittier (BoW) recently added 50 bps to its nationally available 12-month High Yield CD, boosting the APY to 1.00%. The 12-month High Yield CD can be opened with a $1k minimum deposit, with no stated balance cap.
I wrote about the 12-month High Yield CD about ten months ago when the rate was 0.85% APY. I initially thought the online application was limited to California residents, but CSR assured me that any U.S. citizen/resident alien (with a valid Social Security/Taxpayer Identification number) can apply for a BoW account.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.34% | $1k | - | Bank of Whittier, National Association | 12 Month High Yield CD |
As stated on the Time Certificates of Deposit page, the Early Withdrawal Penalty reads as follows,
Penalty for early withdrawal for original terms of one year or less – 31 days. A penalty for early withdrawal will be assessed even if it requires the reduction of the principal amount.
Funding a CD can be done by wire transfer, check, or internal transfer, with the rate locking in when funds are received. Interest is compounded daily and may be paid monthly or quarterly by check, or credited to a BoW checking or savings account.
Maturing funds will be distributed by wire, by check to the address on file, or transferred to a BoW savings or checking account. There is a ten-day grace period before a CD automatically renews.
Unlimited beneficiaries (equal shares) can be named, with Social Security numbers required for all named beneficiaries. In a February 2021 Review post, DA reader, mez, stated the following:
Want a beneficiary/payable-on-death designation on an account?
Be prepared to come with that person's legal ID and social security number.
CSR confirmed that a copy of government ID (driver’s license, passport, etc.) must be submitted for each named beneficiary. If a beneficiary is a child, a copy of a birth certificate is sufficient.
Availability
Headquartered in Whittier, California, the aptly named Bank of Whittier has a brick-and-mortar presence in Los Angeles County (CA) and Dallas County (TX).
Through its online application. any U.S. citizen/resident alien with a valid Social Security number is able to apply for a Bank of Whittier account.
That being said, BoW is a relatively small bank ($170 million in assets) and small banks have been known to change national availability, if demand exceeds the capability of the bank’s infrastructure.
Opening a 12-month CD can be done online, or at either the Whittier, California branch located on East Whittier Boulevard., or the Richardson, Texas branch located on East Spring Valley Road.
Bank Overview
Bank of Whittier has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on September 30, 2021 data. In the past year, BoW has increased its total non-brokered deposits by $59.07 million, an excellent annual growth rate of 65.13%. Please refer to our financial overview of Bank of Whittier (FDIC Certificate # 24211) for more details.
Opening its doors for business in California in 1982, Bank of Whittier is a privately-owned, community bank “committed to reinvesting deposited funds back into both our communities to generate local economic prosperity and job opportunities.” The Richardson, Texas branch opened in July 2011, serving the Dallas-Fort Worth area. Bank of Whittier is currently the 131st largest bank headquartered in California, with assets in excess of $170 million and deposits of nearly $150 million.
How the 12-Month High Yield CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions has a higher rate than offered on the Bank of Whittier 12-month High Yield CD. The following table compares the BoW 12-month High Yield CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 2/28/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
