Community Bank of the Bay (CA) Offers Top CD Rates

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Deal Summary: CDs ($100k min) – 12-23 month (2.02% APY), 24-35 month (2.84% APY), 36-47 month (3.05% APY), 48-59 month (3.30% APY), and 60+ month (3.56% APY), in-branch opening only.

Availability: San Francisco Bay Area

Community Bank of the Bay (CBB) dramatically increased all its CD ($100k minimum) rates last week. With increases of between 121 and 300 bps, most of the new APYs became overnight rate leaders. The CBB CDs can also be opened with a $1 minimum deposit, with APYs 15-26 bps lower than offered on the $100k balance tiers.

CBB’s website is light on documentation (no Truth-in-Savings to be found). Update 5/23/22: Calls with multiple CSRs have resulted in inconsistent account details. Thus, I decided to remove the CD details that I originally posted. Readers have reported better luck with CSRs (see comments below). Before opening a CD with CBB, it would be wise to review CBB’s Truth-in-Savings disclosure.

Essential Savings and CBB Money Market Accounts

The rates on the CBB savings and money market accounts remain very low. It’s a good example of how the majority of banks are hiking their CD rates rather than boosting savings and MMA rates.

Availability

Headquartered in Oakland, California, Community Bank of the Bay’s market area is the greater metropolitan San Francisco Bay Area.

Update 5/23/22: Note, small banks like CCB often change their rules on availability, especially when CD demand rises. Readers have reported that they are allowing out-of-state people to apply remotely (see comments below).

According to the Certificates of Deposit page, the first step in opening a CD is to contact CBB, which can be done by phone (510.433.5400), by filling out the Contact Us form, or visiting any of three full-service California branches located in Danville, Oakland, and San Mateo.

CBB’s online platform is currently limited to bill pay services and account management.

Bank Overview

Community Bank of the Bay has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.04% (excellent) based on December 31, 2021 data. In the past year, CBB has increased its total non-brokered deposits by $57.56 million, an excellent annual growth rate of 10.84%. Please refer to our financial overview of Community Bank of the Bay (FDIC Certificate # 34210) for more details.

Established in 1996, Community Bank of the Bay is California’s first FDIC-insured certified Community Development Financial Institution and one of only three operating in the Bay Area. According to CBB’s website,

Of the 4500 banks in the country, only 150 are certified by the United States Treasury as a CDFI. We’re proud to be one of them. This means we’re part of a unique subset of financial institutions that’s committed to double or triple bottom line service.

Since 1997, CBB has received the CDFI Fund Bank Enterprise Award (BEA) at least 18 times. The BEA program recognizes banks that back their mission with active investment in their communities.

How the 12-23 Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area, only one credit union has a higher rate than currently offered on the Community Bank of the Bay 12-23 Month CD, regardless of minimum deposit requirements. The following table compares the CBB 12-23 Month to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

How the 60+ Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area, no banks or credit unions have a higher rate than currently offered on the Community Bank of the Bay 60+ month, regardless of minimum deposit requirements. The following table compares the CBB 60+ month 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 5/20/2022.

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

Related Pages: San Francisco Bay CD rates, 1-year CD rates, 5-year CD rates

Comments
alan1
  |     |   Comment #1
sorry -- posted in error
Sylvia
  |     |   Comment #2
Ken, in writeup on Connexus promo, Striker reported receiving different info from a CSR on CBB promo, notably no allowance for ACH funding and EWP of 1 year on 5 year CD.

https://www.depositaccounts.com/banks/connexus-credit-union/offers/#24
outtempster
  |     |   Comment #3
it says "CDs must be opened in-branch", Danville, Oakland, and San Mateo. San Mateo is closed to me but it's still about 1 hour drive :(
Striker
  |     |   Comment #4
I spoke with the Customer service Manager in the Oakland Branch again this morning. She may be mistaken, but she reiterated that accounts are available nationwide and can be opened on-line. She said in-branch opening is not required. She said that a quick zoom call is required to help verify identity. We live in Texas - supposedly no problem. She sent a link to the on-line application. It is pretty much standard. I filled it out in a few minutes, and submitted it. I received an email back saying they are working to open the account and we should be hearing something back within one business day. We'll see how this shakes out !
HeyBigSaver
  |     |   Comment #5
I called the Oakland branch to get clarification. You can open an account remotely (for those not only out of state but for those not near a local branch). Remote applications have a few more requirements. If you apply in person, you just need the typical personal identifiers (birthdate, social security #, valid government ID). Given the large volume of interest, if you plan to go to a branch, they do recommend setting up an appointment. You can fund by check, wire, etc. However, the date of your application needs to match the funding date. Whether you open in person or online, documentation will be post-adjusted to match the funding date. They will send you the final documentation with the correct date. If you open online, leave the application date blank.

As for the CDs (applies to all CDs, both balances up to $99,999.99 and $100,000+), the early withdrawal penalty varies by term rate:
3-5 months - 90 days of interest
6-11 months - 90 days of interest
12-23 months - 180 days of interest
24-35 months - 364 days of interest
36-47 months - 364 days of interest
48-59 months - 364 days of interest
60+ months - 364 days of interest

There are NO partial withdrawals allowed.
P_D
  |     |   Comment #6
So we have very significantly differing information on EWP.

From Ken’s CSR chat:
“The Early Withdrawal Penalty (EWP) for all CD terms is 90 days interest on the amount being withdrawn.”

From HeyBigSaver’s comment (apparently from an Oakland branch CSR):
“3-5 months - 90 days of interest
6-11 months - 90 days of interest
12-23 months - 180 days of interest
24-35 months - 364 days of interest
36-47 months - 364 days of interest
48-59 months - 364 days of interest
60+ months - 364 days of interest”


That’s quite a discrepancy! And for me (and some others I assume) the difference between a deal breaker and something worth looking into.

Can we get a best two out of three?

Also differing info on whether or not partial withdrawals are allowed.

I am a little concerned about the lack of information on the site that Ken alluded to including no TIS. Also a bit concerned that CSR provided info can be so vastly different.  Also a bit concerned about the relatively small size of the FI and its apparent thin support and resources for out of area accounts.  Raises some red flags.

But the rates are intriguing as a sign of the pulse of the market.              
Choice
  |     |   Comment #7
You’re very gracious… any interest in calling it what it is?
gregk
  |     |   Comment #8
Which is what, Choice? - if you can manage that in understandable prose.

A scam?
RichReg
  |     |   Comment #9
@comment #6 ; For what its worth, I too got the same info about 1 years' worth of interest penalty on the 5 year CD. If you think about it, it really IS too good to be true...there'd be no point in them giving such a huge break on the penalty.

As far as the CSRs go, yeah, take their info w/a grain of salt. Good help is hard to find these days...we all know that. Especially with this. Front-line reps are used to answering questions about loans and other products ;; it's only when rates suddenly jump that they become deluged with calls and questions about products they're unused to.

When I called Thursday the rep sounded certain about the 365 days...but when I pushed to ask EXACTLY which term CDs have which penalty...she said someone from the CDs dept. would have to call me back. I'm sure for a 5-year it's gonna be a lot of interest penalty.

Between this and the aggravation from the Dept. of Commerce FCU, I decided to go with a Connexus CD instead.....
Choice
  |     |   Comment #10
And as noted above, nothing as to terms/conditions on same on the website…unreal for online applications?  111…this is for you, too…enjoy
Ken Tumin
  |     |   Comment #11
Thanks everyone for reporting on what you have learned from your calls with CBB. I've updated the post, but due to inconsistent and questionable answers that were received from CBB CSRs, I decided not to list the details that came from the CSRs.
h_meister
  |     |   Comment #12
I opened a 60 month CD with CBB earlier this week. I live in their market area and went into their Danville office. From looking at their website, they appear to focus on business banking. I can't say they're ready for prime time. Aside from opening a CD for 10K to start a relationship, I was more interested in looking a their capabilities to handle an IRA transfer for a much larger IRA CD that had matured this week. The banker I dealt with had never opened one and the more senior banker had opened a "few". I asked them if the bank had IRA custodial fees. They had the manager come over and he said no but they could have in the future. I advised I couldn't find their fee page and he said they bank doesn't publish fees or rates "because they change daily". Wow, sounds right out of the 1950's. I didn't want to get into an argument with him advising the bank's deposit rates were on the website. The five year rate is good and I would deal with them on a regular CD but nothing more complicated. The EWP on my 5 year CD is 364 days.

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