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.
|0.25*%||$5m||-||California First National Bank||Money Market Checking|
|OTHER TIERS: 0.05% → Up to $50k | 0.10% → $50k - $250k | 0.15% → $250k - $1m | 0.20% → $1m - $5m|
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.
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.
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.
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.