Universal Bank is offering competitive rates on its 1-year and 2-year CDs. They provide six interest rate tiers with the best rates available for a $100,000 minimum deposit: 2.10% APY for 1 year and 2.50% APY for 2 years. The rates for the lowest $1,000 tier are 1.90% APY for 1 year and 2.30% APY for 2 years. CDs are also available in an IRA. These rates are listed at the bank's rates page as of 11/25/09.
It appears that a branch visit is required to open an account. Branches are located in Los Angeles and Orange County.
Universal Bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1954 (FDIC Certificate # 30722).
Update 7/26/08: This CD is no longer listed at the bank's website. Please check with the bank for the latest specials and rates.
Universal Bank is offering a 4.10% APY 12-month CD. The minimum deposit is $25,000. There's also a special "CD Builder" account with a top yield of 3.80% and a term of one year. It allows unlimited deposits and withdrawals of interest without penalties or fees. This 3.80% APY requires a $100K balance so it would be more appropriate for joint accounts.
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