For a limited time, Golden State Bank (GSB) is offering two Special Gold CDs: 15-month (1.26% APY) and 25-month (1.51% APY). Available now through November 15, 2016, these two Special Gold CDs require a minimum opening deposit is $25k, with a $1 million balance cap.
As stated on the promotion page,
Additional minimum deposits of $2,500 can be made at any time.
According to CSR, the Early Withdrawal Penalty for either Special Gold CD is three months of dividends.
Thanks to DA reader who emailed this promotion to me.
Headquartered in Glendale, California, Golden State Bank’s market area includes Los Angeles County, Orange County, and the Inland Empire.
Opening a 15-month and/or 25-month Special Gold CD can be done by visiting either of two California branches located in Glendale and Upland. (According to CSR, a visit to the Glendale branch requires calling prior to the visit, as it is located on the 23rd floor of a restricted-entry building.)
Golden State Bank's online banking platform is currently limited to account management and bill payment services.
Golden State Bank (FDIC Certificate # 57585) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 30.49% (average) based on June 30, 2016 data. In the past year, GSB increased its total deposits by $16.05 million, an excellent growth rate of 17.24%. Please refer to our financial overview of Golden State Bank for more details.
Golden State Bank is a young institution, having been established in 2003 as the Golden State Business Bank. In a September 2015 article on asbarez.com, it was stated that
the Bank completed an offering in February, 2014 raising $10.3 million in new capital. An additional $1.8 million was raised in January of this year. The proceeds from these offerings
not only strengthened the Bank’s capital position but were used to generate a significant amount
of growth in new business in its existing markets, increase business lending, expand its presence
in surrounding markets and open the Glendale branch. With this new capital and deposit growth, the Bank has ample liquidity for further growth for the rest of this year and 2016.
How the CDs Compare
When compared to the 173 similar length-of-term CDs tracked by DepositAccounts.com, which are available in the Bank’s market area, Golden State Bank’s 15-month Special Gold CD APY currently ranks in the top twenty, regardless of minimum deposit. Of those 173 CDs, only ten require a minimum deposit of $25k. When compared to those ten CDs, Golden State Bank’s 15-month Special Gold CD APY currently ranks second.
When compared to the 245 similar length-of-term CDs tracked by DepositAccounts.com, which are available in the Bank’s market area, Golden State Bank’s 25-month Special Gold CD APY currently ranks second, regardless of minimum deposit.
The above rates are accurate as of 9/23/2016.