Home Bank of California Offers Rate-Leading Long-Term CDs
Home Bank of California (HBC) has gone “uni-rate,” with 5.03% APY being offered on all its CDs with terms of 12 months or longer. While 5.03% APY is not that competitive of a rate for the shorter-term CDs, the HBC 48-59 months CD and 60-month CD are currently rate-leaders. To earn the stated APY, a minimum opening deposit of $10k is required, with no stated balance cap.
The 48-59 months CD and 60-month CD are also available as IRA CDs (Traditional and Roth), earning the same 5.03% APY, but with a lower $500 minimum deposit.
Early Withdrawal Penalty
HBC’s website is light on documentation, with no Truth-in-Savings (or any other type of disclosure) available to review. According to CSR, partial withdrawals are not allowed. A CD can only be closed early, with a very harsh Early Withdrawal Penalty of all earned interest. CSR informed me that a CD is not a checking account, but a commitment. I replied that doing due diligence on a CD is required before committing funds.
Availability and Account Opening
Headquartered in San Diego, Home Bank of California has a market area the includes the greater San Diego metropolitan area. All US citizens and permanent residents with a valid Social Security number are eligible to open a CD.
Opening a CD must be done in-branch at HBC’s sole branch located on Ruffin Road in San Diego. According to CSR, an in-branch visit is required “to identify you in person.” There is a Contact Us form that starts the process of applying for a CD.
Funding and Other Details
The following information is from a Live Chat with CSR.
- Funding – ACH, wire, check, or internal transfer.
- Ownership – Individual, joint, or in the name of a trust.
- Interest – Compounded daily/credited monthly; can be withdrawn penalty-free.
- Maturing Funds – Wire, cashier’s check to address on file, or internal transfer.
- Beneficiaries – Unlimited with equal shares; Social Security numbers are required.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – ChexSystems.
Bank Overview
Homebank Bank of California has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on June 30, 2022 data. In the past year, HBC has increased its total non-brokered deposits by $498k, an above average annual growth rate of 0.31%. Please refer to our financial overview of Home Bank of California (FDIC Certificate # 26271) for more details.
Home Bank of California was established in 1981 as the Home Thrift & Loan Association serving the San Diego community. Although the Home Bank of California rebrand occurred in 2008, HBC did not change its organization type to “commercial bank” until 2008. HBC is a small bank: 112th largest bank headquartered in California, with assets in excess of $226 million and approximately 1,600 customer accounts.
How the 48-59 and 60-Months CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Home Bank of California 48-59 and 60-Months CDs. The following table compares the 48-59 and 60-Months CDs 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 4/10/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.