When searching for the best bank CD rates, whether you’re banking online or banking at your local neighborhood bank, interest rates are generally the foremost concern and come first when considering the best CD rate options. In today’s tumultuous financial environment, the quality of the bank standing behind the CD investment is becoming of greater concern as well. In searching for the best CD rates in California, a quote from the CEO of California Oaks State Bank resonates, “We continue to look to reduce expenses and risk as we move through these challenging economic times,” “the bank does not participate in subprime lending nor does it hold investment securities backed by subprime loans. Additionally, it does not hold common or preferred stock of Fannie Mae or of Freddie Mac.” John Nerland, the bank’s President and CEO is the source of the quote.
California Oaks State Bank is a community business bank with assets of $123.2 million. California Oaks State Bank was founded in 1998 and is a locally owned community bank. Its locations in Thousand Oaks and Simi Valley serve both business and professional services customers. The Bank provides a full range of products and services including commercial and real estate loans, as well as cash management products and deposit services. Its unique capability in diversified lending in addition to its customary community bank credit products help its customers meets their cash management goals. The bank is known for its expertise in commercial real estate financing, accounts receivable financing, as well as SBA loans.
California Oaks State Bank has CDs that can be opened with as little as $500.00 and include a wide range of maturities. CDs are automatically renewable at the current rate in effect at maturity. The present rates and terms for bank CDs include the following:
90 to 179 day CD have an interest rate of 2.17% APY.
180 to 364 day CD have an interest rate of 2.52% APY.
And 365 day CDs and over yield an interest rate of 2.75% APY.
California Oaks State Bank also offers a money market account that earns a higher rate of interest than checking and regular savings accounts, while providing the accountholder with easy access by check. Furthermore, the bank has a traditional, flexible savings account with interest compounded daily. The money market has four rate tiers. The first tier starts 0.25% APY for balances at the minimum to earn interest of $2,500.00 and rises to 0.75% APY for balances over $100,000.00.
CD rates are subject to change and additional conditions may apply to open bank CDs and money market accounts. For additional information, visit the bank website at www.caloaks.com or call 877-222-6774, toll free.
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