Pacific Mercantile Bank, based out of Costa Mesa, California, is a publicly traded national bank (nasdaq: PMBC) which can accept deposits from consumers nationwide.
They offer a full range of banking products – checking accounts, savings accounts, money market accounts, CD (certificate of deposit) accounts, mortgages and other loan products.
If you’re looking at investing in a bank deposit make sure you know which way interest rates are trending. This will allow you to decide on whether to go long or short on maturity. In an interest rate environment such as our current one (2009) interest rates are scheduled to continue to fall until key rates are somewhere between 0.25 and 0.50 percent. This is historically low. Because interest rates are set on this trajectory going long on a deposit – one that is still featuring a favorable yield – is likely the best option so that you are locked in with a decent rates when rates fall much lower in the coming years. In a bottomed-out environment – one that we will surely see before rates go higher – a short term deposit (6 month to 1 year) or even a liquid savings account might be a better bet. This way you have easy access to your money when things do turn around.
Pacific Mercantile Bank frequently tops our interest rate charts on short term deposits. If the rates published below are outdated visit our database (updated daily) of the top 50 CD rates available nationwide.
Pacific Mercantile Bank’s CD rates (as of Dec. 2009):
|Personal Certificate of Deposit||Minimum Deposit||Interest Rate||APY*|
|3 Month CD||$10,000.00||1.20%||1.21%|
|6 Month CD||$10,000.00||1.51%||1.52%|
|12 Month CD||$10,000.00||1.99%||2.01%|
|18 Month CD||$10,000.00||2.08%||2.10%|
|24 Month CD||$10,000.00||2.12%||2.14%|
|36 Month CD||$10,000.00||2.12%||2.14%|
|60 Month CD||$10,000.00||2.12%||2.14%|
All accounts are federally insured by the FDIC. No maintenance fees are associated with the accounts, however an early withdrawal penalty will be imposed. If you’re having second guesses about whether or not you can keep your money locked up for a reasonable amount of time, you may want to consider a liquid savings account that allows easy access to your funds while providing a generous interest rate to boot.
Pacific Mercantile Bank, established in just 1999, is now the 50th largest bank in California. They have just 10 physical branch locations but service a wide range of customers nationwide through their online interface. They have over 350 employees and a little over $1 billion in assets. They control almost $880 in consumer deposits and nearly $750 in loans.
They have a BBB rating of A+ and have no registered complaints.
Phone: (866) 450-5600
Address: 949 South Coast Drive. Third Floor. Costa Mesa, CA 92626