Fremont Investment and Loan just increased the yield on its 12-month certificate of deposit from 5.55% to 5.60% APY. The 6 and 9 month terms remain at 5.55% APY which is the same as my last report on this bank on March 7th. These rates require a minimum deposit of $10,000. The yield is 0.25% less for $1K minimums. The IRA CD rates are 0.05% higher and have a minimum of only $500.
As I mentioned in my last post, the bank also has some competitive savings and money market accounts. Please refer to that post for more info.
Branches are located in Central and Southern California including the cities of Fresno, Bakersfield, Santa Barbara, Los Angeles, Pasadena, Redlands, Newport Beach and Laguna Hills.
The bank has been FDIC insured since 1984. The parent of this bank, Fremont General Corp, has been having some problems lately regarding its sub-prime mortgage loans (see article). So be sure to stay under the FDIC insurance limits.
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