A certificate of deposit is considered one of the best ways to save money.  Banks offer several different types of savings accounts from which you can choose, but a certificate of deposit usually has the highest interest rate. This bank product account allows the accountholder to earn interest at a fixed rate on funds that are deposited for a specific period of time.  The most difficult decision to make when investing your hard earned money in a bank CD is which bank you should choose.  Often, consumers will search the internet comparing the CD rates of the largest banks; however, the best CD rates are frequently found among the local community banks.

In Southern California there is a community bank that offers some of the highest CD rates in the state and more.  Nara Bank was founded in 1989 as a community bank serving Korean-American in Southern California.  Since its inception, the bank has grown nationwide to have offices in major cities throughout the United States.  The bank now has bank branches in Southern and Northern California, New York and New Jersey.

Nara Bank offers a variety of products and services to suit your personal banking needs.  The bank offers a completet line of business and personal banking products and services including; personal and business loans, checking, savings, money market accounts, CDs, small business administration (SBA) loans, trade finance, and online and telephone banking services.

Nara Bank has certificates of deposits that require only a $1,000.00 minimum opening deposit. These accounts allow the customer to earn interest at a fixed rate on funds you place on deposit for a specific period of time, called a term.

Nara Bank is offering the following four great promotional bank CD rates and terms:
A 3 month CD that has an interest rate of 3.80% APY.
A 4 month CD that also has an interest rate of 3.80% APY.
A 5 month CD which earns an interest rate of 3.79% APY.
And a 179 day CD with an interest rate that also stands at 3.79% APY.

Interest is not compounded and may be credited to your Nara Bank checking or savings account according to the interest payment schedule the CD accountholder chooses, monthly, quarterly, semi-annually, annually, or at maturity.

Interest begins to accrue on the business day the accountholder deposits non-cash items such as a checks.  The daily balance method is used to calculate the interest.  Daily balance method applies daily periodic rate, annual interest rate divided by 365, to the principal each day.

Interest rates are accurate as of January 14, 2009 and subject to change without prior notice.  Other terms and fees may apply and are subject to change without prior notice.  Nara Bank maintains a website that posts select current rate information and has additional bank product data.  The bank web site can be found at www.narabank.com.  To speak directly to a bank representative, call 866-574-0793.

Tags: , , , , ,

No user commented in " CD Rates at Nara Bank, a Community Bank with a Wide Reach "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)