Everything always seems a little atypical in California and bank CD rates are no exception. While most of the nation’s banks were lowering interest rates, a few banks in the Golden State decided the time has come to increase CD rates. All of the banks that made the list for the best six month CD rates in California are equal to or exceed the best national six month CD rate.
The highest six month CD rate in California is being offered by Plaza Bank. Plaza Bank is based in Irvine and offers a six month certificate of deposit with a 2.50% interest rate. American Plus Bank, last week’s leader, drop to second position with six month CD that’s yields 2.32%. Pacific State Bank continues the list of bank rates that are beating the national average, albeit on a slightly longer term of nine months. The Pacific State Bank nine month CD rate is 2.26%. The remaining banks on the list all promote CD rates at 2.25% and include Sterling Bank & Trust, County Bank and Amalgamated Bank.
Plaza Bank is also the leader in California for one year CD rates. Plaza Bank’s one year CD has an interest rate of 2.75%. County Bank and Pacific State Bank have CD rates that are 10 basis points back at 2.65%. The County Bank certificate of deposit is for a 13 month term while the Pacific State Bank CD matures in 15 months. The list concludes with CD being promoted by 1st Pacific Bank based in San Diego with eight bank branches in the area. 1st Pacific Bank’s has a ten month CD with an interest rate of 2.55%.
The highest two year CD rate in California lost ten basis points and now stands at 3.05%. The interest rate is still 15 basis points above the best two year national CD rate offered by GMAC Bank. The 3.05% rate is promoted by First Republic Bank which is based in San Francisco and has offices in California, Nevada, New York, Connecticut, Massachusetts, and Washington. The next best CD rate belongs to American Plus Bank at 2.78%. Additional worthwhile CD rates are provided by Temecula Valley Bank, San Diego National and Imperial Capital Bank that all offer two year CDs that have interest rates set at 2.65%.
California CD rates in the five year term category remain well above the best national rates. This week the two top CD rates remain the same with First Republic Bank and Downey Savings having rates at 4.00%. US Bank’s 59 month term CD slips just under the best national rate at 3.75%. Broadway Federal has a five year CD rate of 3.56% after which the remaining five year CD rates start to slip precipitously.
Tags: Amalgamated Bank, bank branches, bank rates, Banks, best CD rate, best six month CD rates, California CD rates, CD rates, certificate of deposit, five year CD rate, interest rates, one year CD rates, Plaza Bank, six month CD rate, two year CD rate
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