California First National Bank Restructures MMA Checking, Again

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Availability: Nationwide, internet bank

Six month ago, I wrote about the restructuring of California First National Bank’s (CalFirst) Money Market Checking account, which included tiered APY levels and increasing the top rate. Following last April’s changes, there were three tiers: 1.00% APY ($50k+), 0.75% APY ($15k+), and 0.50% APY ($5k+). (Prior to that change, CalFirst’s Money Market Checking’s APY had been a lackluster 0.50% on all deposit levels for about four years.)

That’s all changed: all balances now earn 1.00% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.00*%--California First National BankMoney Market Checking
Accounts mentioned in this post. Rates as of December 10, 2016.

As stated on CalFirst’s Truth in Savings Disclosure document,

You must deposit $5,000.00 to open this account.
Withdrawals or transfers in excess of these limits (6 per statement cycle) are subject to a service charge of $10.00 per transaction.
A service charge of $20.00 will be imposed each statement cycle in which the daily balance of the account falls below $5,000.00.
If your combined balances in all your CalFirst accounts equal $5,000.00 or more on every day during the statement cycle, no service charge will be imposed.

Availability

Headquartered in Irvine, California First National Bank is an internet bank that offers its product line to all residents, 18 years or older, of the United States. At this time, the product line includes Checking, Savings, Money Markets, and CDs.

Opening an account can be done online, or by downloading the application and returning it by mail or fax.

After you have completed the online application form, click the submit button. We
will review your application, and if it's approved, we will send you a new account opening
kit via U.S. mail. Your kit will include a signature card for your review. Please make sure that all the information is correct, then just sign it and return it to us in the postage-paid envelope provided. If you like, you may also send us a check for your opening deposit at that time.

Bank Overview

California First National Bank (FDIC Charter # 35331) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.00% (excellent and not a typo), based on June 30, 2016 data. In the past year, CalFirst has increased its total deposits by $173.24 million, an excellent annual growth rate of 34.13%. Please refer to our financial overview of California First National Bank for more details.

Established in 2001, California First National Bank is an internet bank, with no branch locations. In addition to offering traditional services to individuals, CalFirst also offers loans and leases through several specialized business units, including CalFirst Commercial Finance, UniversityLease, CalFirst Government and Education, and Non-Profit Group. A subsidiary of California First National Bancorp, CalFirst currently holds assets in excess of $851 million.

How the Money Market Checking Compares

When compared to the 149 nationally available Money Market Accounts tracked by DepositAccounts.com, California First National Bank’s Money Market Checking account currently ranks in the top six. The following is a sampling of those six accounts.

The above rates are accurate as of 10/3/2016.

To look for the best Money Market rates, both nationwide and state specific, please refer to our Money Market Rates Table or our Rates Map page.

Comments
Bozo
Bozo   |     |   Comment #1
As an alternative to Alliant Credit Union (easy to join), this gets a huge yawn. With Alliant, you can link savings and checking, and the first order of checks is free. No "per check" charge. As I recall, the minimum balance is $100. The interest rate on savings is virtually identical. You can transfer money from savings to checking, as need be, with the click of a mouse or a phone call. You earn the 1% on the savings account until you transfer the money and write a check. If you live in the SF Bay Area, Alliant actually has two "brick-and-mortar" branches (Oakland and San Mateo).

Parking in San Mateo is free, but you have to pay to cross the bridge (unless you live on the Peninsula). Parking in Oakland is not free. Alliant will not "comp" or validate your parking stub from the Kaiser Center, no matter your account balance.
California First National Bank Restructures Money Market Checking
Availability: Nationwide, internet bank

California First National Bank (CalFirst) began the month by restructuring its Money Market Checking account to include tiered APY levels and increasing the top rate.

For the past four years, CalFirst’s Money Market Checking earned a rather unimpressive 0.50% APY on deposit levels. As of last week, the new APYs and deposit levels are 1.00% APY ($50k+), 0.75% APY ($15k+), and 0.50% APY ($5k+).

As stated on CalFirst’s Truth in Savings Disclosure document,

Availability

Headquartered in Irvine, California First National Bank is an...

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California First National Bank (Internet Bank) Ups CD Rates
Availability: Nationwide, internet bank

California First National Bank (CalFirst) has started the month by raising the rates on its 1-year CD (1.25% APY) and 2-year CD (1.45% APY).

The minimum opening deposit is $5K, with no maximum balance cap. Both CDs are also available as IRAs (Traditional) earning the same APYs, but with a lower minimum deposit of $2K.

As stated in CalFirst’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:

Availability

Headquartered in Irvine, California First National Bank is an internet bank that offers its product...

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California First National Bank (Internet Bank) Raises Rate on CDs
Availability: Nationwide, internet bank

California First National Bank (CalFirst) ended the week by raising the rates on its 1-year CD (1.16% APY, 2-year CD (1.35% APY) and 3-year CD (1.45% APY).

The minimum opening deposit is $5K, with no maximum balance cap. All three CDs are also available as IRAs (Traditional) at the same APYs, but with a lower minimum deposit ($2.5K).

As stated in CalFirst’s Truth in Savings Disclosure brochure, the Early Withdrawal Penalty reads as follows:

Availability

Headquartered in Irvine, California First National Bank is an internet bank offers...

Continue Reading