Bank of Whittier Offers Very Competitive 12-Month CD Nationwide


Update: The 12-month CD rate has fallen to 0.50%.

Deal Summary: 12-month CD, 0.85% APY, $1k minimum deposit

Availability: Nationwide through online application

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 Association12 Month High Yield CD
Rates as of January 16, 2022.

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 Overview

Bank of Whittier has an overall health grade of "A+" at, 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 that require a similar minimum deposit and are available nationwide, Bank of Whittier’s 12-month CD APY currently ranks first.

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.

Related Pages: Dallas CD rates, Los Angeles CD rates, 1-year CD rates, nationwide deals

  |     |   Comment #1
In this market it's a good rate. But this is a tiny bank ~$100m in deposits. I general I have not had good luck with these small FIs. Many of the ones I have done business with had lax security practices and were unaccustomed to handling large transactions efficiently.  I actually had to tell them how to do things securely and efficiently.  And I don't get paid for that service.
  |     |   Comment #2
It's a small bank.

But Comment #1 states that this bank has less than $100 million dollar in deposits. I suspect that statement is based on outdated figures, and ignores this bank's phenomenal record of deposit growth.

According to the most recent data posted on the FDIC website, deposits were over $1.1 million dollars.

And if the bank has continued to attract deposits, the current figure could be even higher. And now they're offering a leading rate on 12-month CDs, which should result in even more deposits.
  |     |   Comment #3
"But Comment #1 states that this bank has less than $100 million dollar in deposits. I suspect that statement is based on outdated figures, and ignores this bank's phenomenal record of deposit growth."
For the record, "~" means approximately, not less than.

The $100m dollar figure is based on DA's ("$99.9MM") number here:

Apparently that number increased by about $40m from the last quarter to the current figure posted on DA. Even if it increases another $40m when the next figures are posted, my analysis remains the same.
"According to the most recent data posted on the FDIC website, deposits were over $1.1 million dollars."

Huh? $1.1 million?  Do you mean $1.1 billion?  If so, I question that figure as DA's deposit information is as of Q4 2020.  It's unlikely that the 3,864th largest bank in the nation with a total of 2 branches has grown that much in a few months.
  |     |   Comment #4
Apologies for misreading the symbol in Comment #1 -- my vision continues to deteriorate and I perceived it as a "less than" symbol, and apologies for my earlier typo.

The most recent deposit figures can be found in the bank's most recent call report.
See line 13 of "Schedule RC - Balance Sheet (Form Type - 051)" at p. 13 of the bank's March 31, 2021 call report at

It was over $115 million at that time.
  |     |   Comment #5
"See line 13 of "Schedule RC - Balance Sheet (Form Type - 051)" at p. 13 of the bank's March 31, 2021 call report at..."

Sorry, not seeing that. Page 13, Line 13 appears to me to be broken down into 3 parts. And even the sum of the parts doesn't match that figure. I don't see where the $1,115,801 figure comes from.

But regardless of where that figure comes from, what is the significance of it with respect to a counter to my analysis?
  |     |   Comment #6
line 13a is 115801 (in thousands)
line 13a(1) and 13a(2) add up to that figure.

and apologies if I'm not seeing  the numbers correctly (I have to keep enlarging the page, and scrolling back and forth), but I think I've finally gotten the numbers right.
  |     |   Comment #8
Okay, but how does that figure support your case asserting "this bank's phenomenal record of deposit growth."

According to my understanding it shows that as of 3/31/21 deposits were only about $15m higher then they were on 12/31/20 at about $115m instead of about $100m.

How does that materially challenge anything in my analysis?
  |     |   Comment #7
Quite frankly I thought this post would solicit more discussion directed at the probably sad but true claim that 0.85% is competitive. Sad indeed.
  |     |   Comment #9
The size of any institution is irrelevant as long as your money is insured by the FDIC or NCUA.
  |     |   Comment #10
Yes, but…”size matters.” And customer service and the other attributes of a successful enterprise is the level of insurance coverage which doesn’t cover everything short of ….
  |     |   Comment #12
@ Choice: I'm glad that someone else on this board has learned to be cautious of such small institutions that try to gather deposits nationally on-line by offering top rates. To illustrate the point, in 2019 Georgia Banking Company (a little two branch operation) was getting a lot of attention on DA for their top CD rates. Being a yield chaser, and having maxed the FDIC insurance levels at several more established/sophisticated institutions, I opened a CD there (no other accounts). Like Whittier, funded by ACH but could only get funds back by wire (with fee) or check by mail. So recently, my CD matured and it was time to get the funds back. I chose mail. Due to a series of **** ups on their part (no need to go into details) characteristic of a small time operation, it took two full weeks to received the check.
  |     |   Comment #11
Profiling by size is unfair. But, you go first...
  |     |   Comment #13
Life is grey…go with your eyes open and with due diligence
  |     |   Comment #14
The .85% 12 month CD rate is no longer available as of June 7. 2021.
  |     |   Comment #15
As of June 7, 2021 the .85% 12 month CD rate is no longer available.
  |     |   Comment #16
The 12 month CD rate of .85% is no longer available as of June 7, 2021
  |     |   Comment #17
The 12 month CD rate of .85% is no longer available as of June 7, 2021.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.