Competitive CD & IRA CD Rates at United Central Bank in Several States

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Banks sometimes offer higher rates on IRA CDs than regular CDs. That's the case with United Central Bank which is offering IRA CD rates that are 25 basis points higher than its regular CD rates. The most competitive IRA CD rates are 1.51% APY for 18 months and 1.56% APY for 2 years. Even though the 18-month regular CD rate is 25 basis points lower, this still makes for a competitive CD with a 1.26% APY. Minimum deposit is $1,000 for regular CDs and $500 for IRA CDs. These rates are listed in the bank's rates page as of 9/20/2011.

United Central Bank also offers CDARS to businesses. CDARS allow customers to open a CD with million-dollar balances and remain fully FDIC insured. However, the one issue with CDARS is that the rates are usually much lower than regular CDs. For example, United Central Bank lists a 18-month CDARS with a 0.58% APY which isn't even half of the regular CD yield. Refer to the bank's rate table for all the CDARS rates.

In addition to CDs, United Central Bank offers an installment savings account called the Super Saver Installment CD. In an installment savings account, you make equal monthly deposits during the term rather than one initial deposit like a CD. However, like a CD the rate is fixed during the term. The rates are higher than the CD rates, but you have to be careful in comparing these rates to CD rates. The yields range from 1.51% APY for a 1-year term to 2.53% APY for a 5-year term. These rates are listed in the bank's rates page as of 9/20/2011.

Another interesting deposit product is the Global Money Market account which currently has a top rate of 1.75% APY. However, this requires a minimum balance of $10 million. I think this is the highest tier that I've seen for a money market account. Rates used to be more competitive for lower tiers, but currently, they are a little low: 0.90% APY $75K-$300K and 0.85% for under $75K. These rates are listed in the bank's rates page as of 9/20/2011.

United Central Bank used to have an online application for some its products, but if you click on the "open accounts online" link on the front page, it takes you to a page that says "Online account opening is coming soon!".

I used the bank's chat service to ask about opening an account. According to the CSR, a branch visit is required.

United Central Bank has quite a few branches in several of the major US cities. In 2009 they acquired Mutual Bank after Mutual Bank was closed by regulators. So UCB now has branches in the Chicago metro area; in Staten Island, New York; Edison, New Jersey; and Houston, Texas. In addition to the old Mutual Bank branches, UCB has branches in other parts of Texas, in California, Georgia, Maryland and Virginia. Some of the major cities include Los Angeles, Austin and Dallas.

United Central Bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 131.18% (poor). Please refer to our financial overview of United Central Bank for more details. The bank has been a FDIC member since 1984 (FDIC Certificate # 25330).

How These Rates Compare

The best 18-month CD and IRA CD rate that's available nationwide is 1.55% APY at Alliant Credit Union. The best 18-month CD at a bank is 1.35% APY at CNB Bank Direct.

Searching for the Best CD and IRA CD Rates

To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com:

Comments
Anderson
Anderson (anonymous)   |     |   Comment #1
I bank at United Central Bank in Annandale, Virginia (near to Washington, DC).  I appreciate the customer service and attention to detail here, which is comparable to a community bank, and the deposit rates are very much worth a close look.  Recommend.
United Central Bank's Super Saver Installment CD - Available in Several States

United Central Bank has an installment savings accounts called the Super Saver Installment CD. It's an installment savings account in which you make equal monthly deposits during the term rather than one initial deposit like a CD. However, like a CD the rate is fixed during the term.

The Super Saver Installment CD currently has the same rate for all terms: 2.60% APY. Terms range from 12 months to 60 months. The minimum target balance is $1,000. A checking account is required, and it would be used for the automatic monthly...

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2.00% 14-Month CD & a Jumbo Money Market Deal at United Central Bank in Several States
United Central Bank is offering a special CD called the Year End Bonus CD. It's a 14-month CD paying 2.00% APY. Minimum deposit is $1,000, and it requires a checking account. Offer is scheduled to last through 12/31/09. The special is listed at the bank's promo page as of 11/29/09.

My last post on United Central Bank was in August when they were offering several competitive deposit products. The rates have gone down quite a bit on most of these.

Their Global Money Market Account continues to be competitive with a top...



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Competitive Rates Continue at United Cental Bank - Now Nationally Available
Update 9/04/09: Rates have fallen. Global Money Market is now 1.65% APY $75K-$300K, 1.45% APY for $5K-$75K. Global Savings top rate is 1.05% APY.

United Central Bank continues to offer competitive rates on its money market accounts, its CDs and installment savings accounts. Some of the rates are down a bit since my May post, but they are still very competitive.

Here's a list of the APYs of some of the best deals as listed at the bank's rate table as of the morning of 6/23/09.
  • Global Money Market Account - 2.59% $75K-$300K,...





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Downsizing of Mutual Bank CD Rates
Mutual Bank was closed by regulators on July 31st, and the FDIC arranged for United Central Bank to assume all of the deposits. When I reported on this failure, the FDIC didn't provide any information on United Central Bank's decision about Mutual Bank CD rates. When a bank fails and another bank takes over, that new bank is allowed to lower rates on existing CDs of the failed bank. The CD holders are free to make an early withdrawal without a penalty. With all the bank closures this year along...
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Competitive CD Rates and Money Market Rates Continue at United Central Bank - Available Nationwide
United Central Bank continues to offer competitive rates on its money market accounts, its CDs and installment savings accounts. Some of the rates are down a bit since my June post, but they are still very competitive.

Here's a list of the APYs of some of the best deals as listed at the bank's rate table as of the morning of 8/07/09:
  • Global Money Market Account - 2.15% $75K-$300K, 1.95% $5K-$75K
  • Super Saver Installment CD - 3.15% 1-year to 5-year
  • CDs - 2.25% 12-month, 2.00% 6-month
Note, CDs are also available in IRAs for terms...


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