Pacific Trust Bank is offering a savings account special with rates guaranteed through 2013. The competitive rates require a large balance. The special is for the PacTrust One account, and it has the following rate tiers:
- 1.25% APY for balances of $250,000 and over
- 1.00% APY for balances of $100,000 to under $250,000
- 0.50% APY for balances of $25,000 to under $100,000
These rates are guaranteed to last until 12/31/2013, and new money is required. Minimum balance to open is $25,000. No interest is paid on balances under $25,000. This special is listed in the bank's promotions page on 3/6/2013.
Thanks to the DA reader who emailed me news of this promotion.
Update 3/8/13: Some readers have commented that the bank is letting them open the account without a branch visit. Refer to the comments for more details.
A branch visit is required to open an account. PacTrust Bank branches are located in several Southern California cities including Los Angeles, San Diego, San Marcos and Riverside. Its newest branches are in Tustin and Santa Monica.
Pacific Trust Bank Overview
PacTrust Bank used to be a credit union. According to the bank's About page, the credit union was converted to a mutually owned federal savings bank in 2000. Then in 2002 it was converted from mutual to stock form of ownership.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 13.69% (above average) based on September 2012 data. Please refer to our financial overview of Pacific Trust Bank for more details. The bank has been a FDIC member since 2000 (FDIC Certificate # 35498).
How This Rate Compares
The only nationally available money market account with a promotional 1.25% rate is at EverBank. However, this rate is only for the first six months. Then it returns to the ongoing rate (currently 0.76%). Also, the 1.25% rate is capped to the first $50K for the money market account and the first $100K for the checking account. These rates are accurate as of 3/6/2013.