Now through September 30, 2016, Pacific Alliance Bank is offering a promotional rate on its Super Savings account (1.28% APY). The minimum deposit is $25k, with no stated balance cap. This very competitive rate is guaranteed for two years following account opening.
If the Super Savings account balance falls below $25k, the rate falls to the in-effect Savings account rate (currently 0.75% APY), and a $15 monthly service fee will be charged. If the Super Savings account is closed within 90 days of opening, a $20 closing fee will be assessed.
I’d like to thank the California-based DA reader who let me know about this deal, which was recently advertised in the Chinese newspaper, World Journal.
Headquartered the San Gabriel Valley city of Rosemead, Pacific Alliance Bank’s product line is available to all residents of Southern California, although, according to CSR, an in-person visit is required to open an account.
Opening a Super Savings account (or any other Pacific Alliance Bank account) must be done in person at either of the two California branches, located in Rosemead and Rowland Heights.
Pacific Alliance Bank’s online banking platform is currently dedicated to account management and bill payment services.
Pacific Alliance Bank (FDIC Certificate # 58234) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.58% (excellent) based on March 31, 2016 data. In the past year, Pacific Alliance Bank has increased its total deposits by $19.72 million, an excellent annual growth rate of 11.06%. Please refer to our financial overview of Pacific Alliance Bank for more details.
Pacific Alliance Bank will be celebrating its 10th anniversary in a few months. The demographics in Rosemead, California, changed significantly during the 1990s, as Chinese and Vietnamese immigrants began opening businesses and establishing homes in the area. As the once small town Rosemead became more urban, a group of business entrepreneurs, bankers, and professionals residing in the area realized the need for a full-service, community bank, and Pacific Alliance Bank had its start. In nearly ten years, the Bank has grown to become California’s 150th largest bank, with assets in excess of $247 million.
How the Super Savings Account Compares
When compared to the 240 Personal Savings Accounts tracked by DepositAccounts.com that are available to Southern California residents, Pacific Alliance Bank's Super Savings APY clearly tops the list, regardless of minimum deposit. The 2-year rate guarantee only adds to the account’s appeal and intrinsic value.
|Interest Rate||Account Name||Credit Union/Bank|
|1.28% APY||Super Savings ($25k min/no max)||Pacific Alliance Bank|
|1.11% APY||High Yield Online Savings ($10k min/$3m max)||Silvergate Bank|
|1.10% APY||eOne Savings (no min/$500k max)||Salem Five Direct|
The above rates are accurate as of 8/6/2016.