A combination of the best certificate of deposit rates inching up on the national list with the reduction in some of the top offers for CD rates in California has changed the dynamics for the best CD rates in California for the week ending May 8, 2009. The highest CD rates in the state are above the national rates in only two CD term categories now, the six month term CDs and the five year term CDs. The margin between the best state CD rates and the best national CD rates has also narrowed for those term CDs.
The best six month CD rate in California continues to be the product of Plaza Bank with a six month CD that yields 2.50%. The next best rate drops down to 2.32% and is being offered by American Plus Bank located in Arcadia. A nine month CD promoted by Pacific State Bank comes up next with an interest rate of 2.26%. One basis point or 1/100 beneath this rate is the six month CD of United Central Bank with a rate of 2.25%. All of these top six month CD rates are unchanged from the previous week.
The highest one year CD rate is also a product of Plaza Bank. Plaza Bank’s one year CD stands at 2.75%, unaltered from the previous week. The remainder of the top one year CD rates moved around quite a bit with some banks dropping off altogether. Pacific State Bank has the second best CD rate with a promotional odd term, 15 month CD that has an interest rate of 2.65%. Vineyard Bank’s one year CD rate of 2.56% moves up to third place. One basis point behind Vineyard is the one year CD of Cal National Bank which earns a rate of 2.55%. American Plus Bank and San Diego National Bank round out the list with one year CD rates of 2.53% and 2.50%, respectively.
First Republic Bank has reduced the rate on their two year CD down to 2.80%. This rate is the highest two year CD rate in California but now falls below the best national rate promoted by GMAC Bank at 2.90%. American Plus Bank remains in second position with a two year CD that has an interest rate of 2.78%. Temecula Valley Bank and San Diego National Bank continue to hold the next with two year CD rates of 2.65%. Imperial Capital Bank and United Central Bank conclude the list, unchanged from last week, with two year CD rates at 2.60%.
The highest CD rates in the five year term category for California continue to dominate the CD rates offered on the national list. First Republic Bank remains ahead of the pack for this term with a five year CD rate of 3.85%. This is rate is 15 basis points lower than what First Republic was offering last week. Second spot continues to be held by two different banks that are the same. US Bank and Downey Savings both offer CD rates at 3.75%. Downey Savings has reduced their rate from 3.85% the previous week. Downey Savings was a victim of FDIC closure after making a mind-boggling amount of option ARM mortgages that subsequently defaulted at mind-boggling rates. US Bank picked up the pieces from the FDIC and is now integrating the bank into US Bank operations.
Tags: best CD rates, best six month CD rate, California CD rates, CD rates, certificate of deposit, First Republic Bank, five year CD rate, highest CD rates, Imperial Capital Bank, interest rate, one year CD rate, Plaza Bank, San Diego National Bank, six month CD rate, two year CD rate, US Bank
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