2.18% 8-Month CD and 1.98% Savings until November at United Commercial Bank in Several States


United Commercial Bank has a CD and savings account promotion with some competitive rates. The CD promotion includes a 2.18% APY 8-month CD and a 2.28% APY 12-month CD. Minimum deposit is $5,000, and it requires new money. The promotional savings account is called Advantage 1+1. The APY of 1.98% is guaranteed until 11/01/09. The Advantage 1+1 account requires a checking account, and a combined balance of $10K must be maintained to avoid a $15 monthly fee. Minimum balance to qualify for the 1.98% APY is $25K. The APY is 1.68% for smaller balances. These rates and details are listed at the bank's promotions page as of 7/19/09. The savings account and 8-month CD rates are 10 basis points lower for California.

It appears that a branch visit is required to open these accounts. Branches are located in many California cities including Los Angeles, Sacramento, Oakland and San Jose. Cities outside of California include Seattle, Boston, New York, Atlanta and Houston.

According to the bank's Company Profile Page:
United Commercial Bank, a subsidiary of UCBH Holdings, Inc., is a leading bank in the United States serving Chinese communities and American companies doing business in Greater China.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1986 (FDIC Certificate # 32469).

Other High Certificate of Deposit Rates
Related Pages: CD rates, savings account

  |     |   Comment #1
FYI - in California, if you also open an Advantage 1+1 account or a Relationship Business Money Market account, they will add 0.20% to the CD rates, making the 8 month CD 2.28% and 12 month CD 2.48% APY.

You can also open either a Signature Checking, Platinum Business Checking or Analyzed Business Checking account and they will add a 0.10% to the CD rate, making the 8 month CD 2.18% and 12 month CD 2.38% APY.

The above is what the promo flyer is referring to when it mentions "Earn even higher returns by opening an ADVANTAGE 1+1 Account and a CD account. Ask us for details".

To get the added bonus rates, the accounts need to remain open throughout the 8 or 12 month CD term. Or else the bonus rate will be removed.

Not sure if the same bonus rates apply outside of California as I got this information from a California branch.
  |     |   Comment #2
Also, early withdrawal penalty is 30 days of simple interest on the principal withdrawn for CD terms of 1 month to 1 year. (Penalty is 90 days of simple interest on the principal withdrawn for CD terms more than 1 year.)
4.08% 7-Month CD at a Massachusetts Bank (United Commercial)
United Commercial Bank is advertising a CD promotion which includes a 4.08% APY 7-month CD and a 4.18% APY 11-month CD. The minimum deposit is $10,000, and the maximum is $88,888. This special doesn't seem to be listed at the bank's website. It was advertised in the 8/28/08 MA newspaper. The ad is available online here.

It appears a branch visit may be required to open a new account. The ad lists branches in Boston, Allston and Quincy. Branches are also located in California, Washington, New York, Georgia and Texas. However,...

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