Pacific City Bank is headquartered in Los Angeles and is the 45th largest bank in the state of California. It is also the 506th largest bank in the nation. It was established in 2003 and as of June of 2018, it had grown to 232 employees at 13 locations. Pacific City Bank has an A health rating.
Pacific City Bank Offering 18-Month CD At 2.50% APY - 3/1/2018
Pacific City Bank in Los Angeles and other places around Southern California is offering an 18-month CD at 2.50% APY, and a 12-month CD at 2.15% APY. The CDs are advertised in today’s Los Angeles Times — the bank does not post CD rates at its Website. I have posted the ad at:
http://oi65.tinypic.com/qq8sc6.jpg
The CD rates are for new money only. Minimum deposit requirement is $25,000, and maximum is $250,000.
Pacific City Bank gives what is called simple interest — that is, interest is not compounded, thus the rate and the yield are the same thing. The interest on the 12-month CD will be paid at maturity. The interest on the 18-month CD will be paid at its one-year mark and the rest at maturity.
Simple interest can have tax advantages (or disadvantages), as you are taxed for a year only for the amount of interest posted in that year; so if you start either of these CDs this month, you will not have any taxable interest from them to
