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United Central Bank

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 rate of 2.50% APY as of 11/29/09. However, this top rate requires a $1 million minimum balance. The rates for the lower tiers are much lower but are still reasonable: 1.45% APY for $5K to $75K and 1.65% APY for $75K to $300K.

The Global Money Market Account can be opened via their online application, and it's available nationwide. This CD special, however, isn't listed in the online application, and it may require a branch visit.

United Central Bank has branches in several parts of the country with branches in Texas, California, Georgia, Maryland and Virginia. Some of the major cities include Los Angeles, Austin, Houston and Dallas. There are also branches in Chicago, New York and New Jersey that used to be under Mutual Bank. United Central Bank took over Mutual Bank when Mutual Bank was closed by regulators in July. If you're interested in this special CD and live near an old Mutual Bank branch, make sure to call to see if they're able to open this CD.

Update 12/15/09: I called the old Mutual Bank branch in New York, and the CSR said they are offering this special.

United Central Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars at BauerFinancial. Both ratings are based on 6/30/09 financial data. The bank has been a FDIC member since 1984 (FDIC Certificate # 25330).

Credit for this CD find goes to Fatwallet member MrVietnam who posted it on this FW thread.

Other Competitive CD and Money Market Rates

Related Pages: money market accounts, CD rates

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Anonymous   |     |   Comment #1
anyone know how to make a deposit?
do es it have to be check or can use ACH to make deposit?