California-based Bank of Whittier (BoW) has been offering its 12-month CD (0.85% APY) for about eight months. The 12-month CD can be opened with a $1k minimum deposit, with no stated balance cap.
|0.50%||$1k||-||Bank of Whittier, National Association||12 Month High Yield CD|
Interest is compounded daily and may be paid monthly or quarterly by check, or credited to a BoW checking or savings account.
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. 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 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.
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).
I was pleased to see an online application for all of Bank of Whittier’s product line, hoping the online market area might be statewide. I was happily surprised when CSR stated that any U.S. citizen/resident alien with a valid Social Security number is able to apply for an account online.
That being said, BoW is a relatively small bank ($117 million in assets) and small banks have been known to change national availability, if demand exceeds their infrastructure capability.
Opening a 12-month CD can be done online, or at either the Whittier, California branch located on East Whittier Blvd., or the Richardson, Texas branch located on East Spring Valley Road. There is no mention of any COVID-related branch limitations (limited lobby hours, appointments, etc.) on BoW’s website.
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 December 31, 2020 data. In the past year, BoW has increased its total non-brokered deposits by $39.66 million, an excellent annual growth rate of 65.81%. 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 137th largest bank headquartered in California, with assets in excess of $117 million and deposits of nearly $100 million.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Bank of Whittier’s 12-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|0.85% APY||12-Month CD||Bank of Whittier|
|0.80% APY||1-Year Fixed CD||Lafayette Federal Credit Union|
|0.75% APY||13-Month CD Special||Abound Credit Union|
The above information and rates are accurate as of 5/29/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.