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.
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.
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.