Certificates of Deposit or CDs combine security with higher returns on an investor’s money.  A CD locks in a yield for a term that the accountholder can choose and generally has the following features: the security of FDIC insurance on the CD funds, the ability to select terms that range from 3 months to 10 years, stable and secure returns on an individual CD accountholders investment.  Often, local banks can offer some very competitive rates on CDs, rates that can beat the national averages.

In California, one bank that is offering above average returns is First Business Bank.  First Business Bank serves individual needs as well as professional and business clients in San Diego County.  They deliver a comprehensive line of deposit and loan products designed to facilitate growth and stabilize their banking relationships.

The products of First Business Bank include personal accounts such as; ”VIP” checking, money market accounts, and CDs.  An account like “VIP” checking benefits consumers with free online banking and bill payment, free MasterCard CheckCard, free corporate image checks, free single signature traveler’s checks, free small safe deposit box, free notary services, and reversal of foreign ATM Surcharge fees.  First Business Bank’s money market account benefits the consumer with tiered interest rates based on daily balances held by the banking consumer.  The bank also has a variety of CD terms and rates.

The bank has CDs with minimum opening deposits of $1,000.00.  The following is a partial list of the current CD rates and terms.  7 to 89 day CDs have an interest rate of 1.01% APY, 90 to 179 day CDs have an interest rate of 1.20% APY, 180 to 364 days CD are offered at an interest rate of 1.66% APY, a 12-23 month CD is offered with an interest rate of 2.32% APY, 24-35 month CD earns an interest rate of 2.93% APY, and a 36-47 month CD is earns an interest rate of 3.29% APY.

CD terms of 7 to 31 days have early withdrawal penalties equal to the accrued interest or the interest on half of the term, whichever is greater.  CD terms of 32 days to 365 days have an early withdrawal penalty equals 30 days interest on the amount withdrawn whether or not the interest has accrued.  CD terms in excess of 365 days have an early withdrawal penalty equals 90 days interest on the amount withdrawn whether or not the interest has accrued.

Interest rates are subject to change.  First Business Bank can be contacted at their corporate offices in San Diego, California at the phone number: 858-847-4780.  The web address for the bank is www.fbbank.com.

Tags: , , , , ,

No user commented in " Local CD Bank Rates California "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)