CD Rates California for the week of Aug 7, 2009

California CD rates tumbled for the week but remain above the best national bank CD rates.  As with most the vast majority of bank rates, California CD rates moved lower for the week ending August 7, 2009.  CD rates were lower across all terms in the golden State.  The highest CD rates in California have been steadily moving closer to the national averages throughout the year.  

With this rather modest slide in short term rates, the average of the best six month CD rates in California has now dropped down to 1.95%.  This rate remains above the best CD rates available nationally where six month term CDs now average 1.76%, but this is a narrower spread than in previous weeks.  The best six month CD rate in California comes from United Commercial Bank which offers a promotional 8 month CD with an interest rate of 2.08%.  American Plus Bank has a six month term CD that is six basis points lower at 2.02%.  This is followed by United Central Bank which has a six month CD rate in California at 2.00%. 

United Central Bank just recently acquired the assets and accounts of Mutual Bank of Illinois.  Mutual Bank had 12 bank branches and total assets of approximately $1.6 billion which is now added to the existing $1.1 billion in assets of United Central Bank.

The best one year CD rate in California is also found at United Commercial Bank.  United Commercial Bank has a one year CD rate that yields 2.28%.  This California CD rate surpasses the best national one year CD rate by 12 basis points.  American Plus Bank and United Central Bank are all very competitive for this term bank CD as well with CD rates that are within three basis points of the category leader.

The highest two year CD rates in California are also hovering above the best two year CD rates available nationally.  The best national two year CD rate is currently at 2.47% while two banks in California lead in this category with rates six basis points over the best national rate.  The top spot for the best two year California CD rate is shared by Broadway Federal Bank and American Plus Bank which both promote two year CD rates at 2.53%.  Eloan is the national rate leader.

The third largest bank in the nation has engaged their marketing muscle to lead the five year term CD rates in California.  The five year CD rate leader in the Golden State is now at Citibank.  Citibank’s online CD for a five year term is currently at 4.00% in California.  The next best five year CD rate in California comes from the sixth largest bank in the U.S, US Bank.  US Bank is once again promoting their 59 month CD with an interest at 3.50%.

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This entry was posted on Thursday, August 13th, 2009 at 2:25 pm and is filed under California CD Rate Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.