4.20% 15-Month / 4.05% 7-Month CD at a California Bank (1st Centennial)


Update 1/23/09: The bank has been closed. Refer to this post for more details.

1st Centennial Bank is having a CD promotion with a 4.05% APY CD with terms from 7 to 11 months and a 4.20% APY 15-month CD. The minimum deposit is $25,000. There's also an added bonus of a free gas card when you open the CD. They're offering a $15 gas card for a $25K deposit, a $20 gas card for a $35K deposit and a $25 gas card for a $50K deposit. This gas card promotion is scheduled to last through 9/30/08.

This promotion doesn't seem to be listed at the bank's website. It was advertised in today's Riverside Press Newspaper. The ad is available online here. From the ad, it appears a branch visit is required to open an account.

Branches are located in the California cities of Redlands, Brea, Escondido, Palm Desert, Irwindale and Temecula.

The financial ratings of 1st Centennial Bank don't look too good. BauerFinancial gives the bank a 1 star rating (troubled) and Bankrate.com also has a 1-star rating (lowest). Both are based on 3/31/08 data.

As I recommend with any bank, make sure you stay below the FDIC limits. The bank has been FDIC insured since 1990 (FDIC Certificate # 33025).
Anonymous   |     |   Comment #1
Correct me if I am wrong but the best deal is the shortest term with the lowest denomination which I think the yrly equivalent is only 12 basis points bonus - you can get 4.25% almost anywhere and if you wait a little longer, its gonna go up