California General Bank started business in the first quarter of 2009.  The bank is an independent commercial bank based in Pasadena, California.  California General Bank specializes in the financial needs of the small to medium size privately owned business, professionals, and high net worth individuals.  For personal savings accounts, the bank offer several different accounts, from traditional savings to CDs to IRAs.

California General Bank CDs feature maturities from thirty days to five years, the amount of interest on the CDs is determined by the rate at time of purchase.  The opening minimum deposit requirement for the bank CDs is $2,500.  The interest earned on the bank CDs is compounded daily and paid monthly, quarterly, annually or at maturity.

The bank is offering the current CD rates and terms for balances of $10,000 and greater:

30 – 89 day CD rate is 0.50% APY
90 – 179 day CD earns an interest rate of 1.01% APY
180 – 364 day CD has an interest rate of 1.26% APY
1 year – 729 day CD rate is 1.61% APY
2 year – 1094 day CD yields a rate of 1.71% APY
3 year – 1459 day CD has a rate of 1.77% APY
4 year -1824 day CD earns an interest rate of 1.77% APY
5 year CD rate is 1.77% APY
18 month variable rate CD yields an interest rate of 1.01% APY

Promotional certificates of deposit offers:

9 month CD rate for balances of $100,000 rate is 2.28% APY, CD renews for 6 months after maturity.  Minimum opening deposit of $100,000 is required. Special CD rate is applicable to only the initial term.  At maturity, the special bank CD will automatically renew for the renewal term stated above, at the CD interest rate and APY in effect for CDs not subject to a special rate.

California General Bank is also offering a promotional money market account that has a minimum deposit to open of $5,000.  Special rates apply only to new money market accounts opened before June 30, 2009 with new money.  Rate guarantee expires June 30, 2009.  Money market promotional rate is 2.53% APY for balances greater than $5,000.

All CD rates and money market rates are subject to availability and change without notice, please check with the local bank branch office for the most current available rates.  The initial rate assigned will be the rate in effect as of the date that the initial deposit is received.  For current bank rate information call a bank representative at 626-683-9182.  California General Bank website contains a wealth of information on the various savings accounts bank rates, CD rates and more.  The bank website can be found at www.calgenbank.com.

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