Wedbush Bank is headquartered in downtown Los Angeles, CA. The bank is a wholly-owned subsidiary of WEDBUSH, Inc., the parent company of Wedbush Morgan Securities. Wedbush Bank was founded in 2008. The bank is an extension of the company’s existing operations, which include a financial brokerage and investment bank, a private equity fund and an investment company. WEDBUSH, Inc. provides private and institutional brokerage, investment banking, private capital, research, and asset management to individual, institutional and issuing clients.
Wedbush Bank offers personal and commercial banking services. Wedbush Bank offers competitive interest rates on certificates of deposits with terms ranging from 7 days to 5 years. These are fixed term deposit accounts. The banks CDs have a $2500 minimum opening balance. The Wedbush Bank CDs come with free online banking and the rate and APY are based on balance and term of deposit.
Current CD rates and terms:
7-89 day CD rate is 0.75% APY
3-5 month CD has an interest rate of 0.85% APY
6-11 month CD yields a rate of 1.00% APY
12-17 month CD earns a rate of 1.61% APY
18-23 month CD rate is 2.17% APY
24-35 month CD has a rate of 2.53% APY
36-47 month CD interest rate is 2.68% APY
48-59 months earns an interest rate of 2.89% APY
60 month CD rate is 3.14% APY
Wedbush bank also offers multiple money market accounts that are ideal accounts for those clients that prefer liquidity and have higher balances. The Wedbush Bank money market pays a better interest rate and offers the ability to write three checks per statement cycle. The money market account can be linked to a checking account for overdraft protection. The accounts offer free online banking and overdraft protection is available. The premium money market account is available for those customers who have opened a premium interest checking account. The standard money market account has a monthly service charge of $15.00, the fee is waived with $2500 average monthly collected balance. There is no fee for premium money market and balance can be used to offset premium interest checking fee.
Money market rates and balances:
For money market account balances of $0 to $2,499;
The money market rate is 0.00% and the premium money market rate is 0.75% APY
For money market account balances of $2,500 to $9,999;
The money market rate is 0.25% and the premium money market rate is 0.75% APY
Account balances of $10,000 to $24,999;
The money market rate is 0.50% and the premium money market rate is 0.75% APY
Account balances of $25,000 to $49,999;
The money market rate is 0.75% and the premium money market rate is 1.01% APY
For money market account balances of $50,000 to $99,999;
The money market rate is 0.90% and the premium money market rate is 1.16% APY
Money market account balances over $100,000;
The money market rate is 1.01% and the premium money market rate is 1.26% APY
The bank CDs have a penalty for early withdrawal. Bank rates, fees and features are subject to change without notice. For current CD rates, a bank representative can be reached at 866 -933-2874. Wedbush Bank has a website that posts current bank rates that include savings rates, CD rates, lending rates and more. The bank web address is www.wedbushbank.com.
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