California First National Bank CD Rates and Review

CalFirst Bank, based out of Irvine, California, is an FDIC insured online bank that can accept deposits from consumers around the country. They offer a small array of banking products within the savings vertical and all of their accounts can be opened online. Their product offerings consist of money market accounts, certificates of deposit, interest checking and “premium savings.” These accounts all come with the option for ATM cards and online bill pay (if applicable).

How to Sign up Online:

Complete the online application form and click the submit button. They will then review your application, and if it’s approved, they will send you a new account opening kit via U.S. mail. Your kit will include a signature card for your review. Then just sign it and return it to us in the postage-paid envelope provided. You can also send them a check to open a deposit account.

Current CD Rates offered through California First National Bank:

- 3 month CD yielding 0.80% APY with a minimum deposit of $5,000 required.

- 6 month CD yielding 1.00% APY with a minimum deposit of $5,000 required.

- 1 year CD yielding 1.30% APY with a minimum deposit of $5,000 required.

- 2 year CD yielding 1.70% APY with a minimum deposit of $5,000 required.

- 3 year CD yielding 1.90% APY with a minimum deposit of $5,000 required.

* If you are opening one of these as IRA CD’s the minimum deposit required is just $2,000.

* Penalty will be imposed for early withdrawal.

* Interest rates accurate as of June 5, 2010. If this review is outdated please view our best CD rates tables for accurate rate information.

Contact Info for CalFirst National Bank:

Website: www.calfirst.com

Phone Number: (800) 735-2465

Best savings account rates in California: Top 2

If you’re in the market for a traditional savings accounts – one with a variable interest rate and limited withdrawal allowances, don’t expect much in the way of great interest rates. The average yield for online savings accounts (money market accounts) are providing yeilds of less than 1.00% APY and the average yield for 12 month CDs (fixed interest rate for 1 year with penalties for early withdrawal) are garnering a rather pathetic 1.50% APY.

However, if you reside in the state of California and are willing to consider a couple of credit unions as potential options for your business, then you may be able to snag some higher rates. Below are summaries of two accounts that have better than average savings rates as well as a unique approach.

First is Alliant Credit Union, based out of San Francisco, California. Their savings accounts are currently yielding 2.0% APY (almost twice the national average for these particular accounts). The only problem with Alliant is that their doors are not open to everyone. If you do not fit within their membership eligibility guidelines then you’re most likely out of luck.

The second option, however, opens their doors to potential customers nationwide so long as you’re willing to open a membership savings account and maintain a balance of $5.00. Provident Credit Union, out of Redwood Shores has many locations throughout California. They have branch locations in Belmont, Dale City, Eureka, Folsom, Hayward, Los Gatos, Oakland, Millbrae, Palo Alto, Redwood City, Redwood Shores, San Francisco, San Jose, San Mateo, San Ramon, Sunnyvale, and Walnut Creek. Their savings account is called the “Accumulator Account” and promises a 1 year savings plan with a much higher rate than their 1 year CD (certificate of deposit). What’s unique about this account is that they guarantee the interest rate through 12 months (even if the market falls drastically). The “floor yield” is determined by the credit union and adjusted in January of each year. For 2008, the interest rate has been set at a now seemingly high 2.00% APY, however this rate will be readjusted next month.

Highest yielding money market account rates in California

Below are the best money market account rates we have found serving residents in the state of California. After digging through a number of rate pages of local banks and credit unions we have found that national banks are able to provide more competitive interest rates the local California banks. The only credit union offering a lucrative interest rate was Provident CU and it is a promotional offer which is set to expire this year.

We had a pretty substantial debate on BankVibe last month on whether or not local banks and credit unions offered better products than the large national banks and concluded that it varied from state to state. Many states with high population density such as California tended to lean towards the national banks for more competitive rates, while states such as Kansas, Nebraska and Idaho tended to lean towards local institutions for the highest yielding interest rates.

Top 2 MMA (money market accounts) in California:

(clicking on the institution will bring you to their home page)

• Provident Credit Union: Redwood Shores, CA. Money market account yielding 2.0% APY. This is a promotional offer which is subject to change without notice. Their is no minimum balance associated with this account. Provident Credit Union also has a rewards checking account which features an APY of 3.50%. Like all rewards checking accounts, you must complete a list of monthly requirements to earn the advertised interest rate. Provident CU has several locations throughout California. They have branches in San Jose, Belmont, Daly City, Eureka, Folsom, Hayward, Los Gatos, Millbrae, Monterey, Oakland, Palo Alto, Redwood City, Redwood Shores, San Francisco, San Mateo, San Ramon and Walnut Creek. Joining Provident CU is based upon where you work, where you live, and who your family members are (is anyone in your family a member?).
• First Choice Bank: Cherritos, CA. Money market account yielding 2.0% APY with a minimum deposit amount of $10,000. The mission of First Choice Bank is to set a new banking standard where the customer always comes first. They claim that their primary goal is to understand the individual concerns and financial services needs of our customers, and to provide a prompt, professional and decisive response. First Choice Bank will strive to exceed the expectations of our customers and shareholders through vision, innovation, integrity, commitment and teamwork.

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in California and know of a better money market account offered through your local bank or credit union, please share by leaving a comment.

Metro United Bank’s money market rate promotion: 2.0% APY

Metro United Bank out of California is offering a nice interest rate on their promotional “metro money market account.” Currently, with balances of at least $2,500 you can earn an APY of 2.0%.

Thanks to BankVibe reader Tereasa for submitting this money market promo!

Like all MMA’s this rate is a variable one and is subject to change without notice. When the promotion ends the interest rate will revert to it’s normal APY (which is not listed on their website).

The promotional period began on the 6th of July and is set to end on the 8th of September.

Metro United Bank has locations throughout northern and southern California. They have branches in San Francisco, San Mateo, Los Angeles, City of Industry, Irvine and San Diego.

They are headquartered in the City of Industry and their parent company, MetroCorp, (Nasdaq: MCBI) is a holding company based out of Texas.

Both their CD (certificate of deposit) products as well as this advertised money market account are federally insured by the FDIC.