California First Bank on the CD Rates Leaderboard with a 1-year 1.00% APY

Certificate of deposit rates certainly have been slow in increasing their APYs lately. No significant changes have been made in the leaderboard, although California First Bank has recently notched a bit higher with their current rate offer.

How the Rates Compare

CalFirst Bank’s best CD offer comes form their 1-year term. Although it lags far behind Doral Bank and KeySource Bank’s equivalent 1.15% APY, it certainly is ahead of some notable companies such as Virtual Bank and Discover Bank.

This maturity period is perfect for a short-term investment, without taking a big risk. And because you know that their current rate is competitive, you know you’ll end up with one of the best offers in CD rates today.

CalFirst Bank’s other CD rates fare less better than their 1-year term. For example, the APY for the 3-month maturity is fixed only at 0.40%, while a 6-month term is at 0.55%. If you look at this on a national level, the best 6-month rate offer comes from AloStar and KeySource Bank. Both are offering a 0.85% APY. The best 3-month term is being offered by E-Loan, with its 0.65% APY.

CalFirst also offers 2-year and 3-year terms. The APY for the former is fixed at 1.06%, while the latter is priced at 1.15% APY.

Nevertheless, most people find that the best CD deal comes from a 1-year term. If you think this is best for you, here’s how you can apply for a CalFirst CD account:

1. Fill up the online application form with the necessary data.

2. Once done, pass the application form by clicking the submit button.

3. CalFirst will need to review your application. This may take a few hours or days.

4. Once you’ve been approved, CalFirst will send you a new account opening kit through snail mail.

5. When you receive your kit, you will find several forms for you to review. A signature card is also included for you to sign once you’ve gone over everything.

6. Send back the forms through the enclosed postage envelope included in the package.

7. As for the opening deposit, you may send a check along with the documents.

8. For further inquiries regarding the process, you may log in to their website and direct your questions to the number they provided for customer concerns.

These easy-to-follow steps and great rates make your investment truly worthy – only from CalFirst Bank.


Highest 1 Year CD from Alma Bank at 1.35% APY

CD rates from banks have more or less been uneventful these days. They have held steady with the highest 1 year CD from CIT bank and Doral Bank at 1.15% APY. It is surprising then to find a higher CD rate than this from a bank and not from a credit union. But indeed it is so as Alma Bank offers 1.35% APY on their 1 year CD.

Rates from Alma Bank

1 month CD – 0.50%
3 month CD – 0.70%
6 month CD – 0.90%
9 month CD – 0.90%
1 year Alma Liquid CD – 1.35%
2 year CD – 1.65%
3 year CD – 1.75%
5 year CD – 2.00%

Minimum balance required to open an account is only $2,500.

How These Rates Compare

It’s interesting to note that Alma Bank is offering a higher CD rate than banks that are advertised in CD leader boards. Aside from their 1 year CD, the 5 year CD from Alma Bank is also higher than Intervest National Bank’s 1.95% APY rate which is reported to be the highest nationally available. The same also goes for their 3 month CD, where the highest available is reported to be Virtual Bank at 0.60%.

1 month CDs are also rarely offered by banks since this is really a short term type of CD. For those who are looking for a temporary place to park their cash, that might be a good option to use. The other rates such as the 2 year and 3 year CD are competitive as well.

About Alma Bank

Alma Bank is a relatively new bank that opened its doors last October 15th 2007. Since then it has already mushroomed to have 9 branches in the New York State.

Although there are many credit unions who offer better rates, those who prefer banks can get the best rates at Alma Bank. Despite being new, it is FDIC insured, insuring your deposits per account to a maximum of $250,000.


Doral Bank Holds the Top 1-Year CD Rate

Certificates of deposits today don’t have the most impressive rates what with the economy as unstable as a hanging bridge. However, at these times of economic uncertainty, investors are flocking towards stable investments, and certificates of deposits are just that. CD’s are becoming the perfect safe haven for investors who want to preserve their capital. Although these investors are thinking more about safety than growth, it’s still worth to know which CD offers the best rates.

At this time, Doral Bank holds the top rank for 1-year certificates of deposit. It has surpassed both AloStar Bank of Commerce, and Sallie Mae, with a rate of 1.150% which is the highest available today. AloStar is giving out a 1.120% rate while Sallie Mae is offering a 1.10% rate.

And if this isn’t enough, Doral Bank is also at the top of the charts in the 3 year CD category. It is currently offering a high rate of 1.65%, followed by Discover Bank’s 1.500% rate.

With all the great rates that Doral Bank is offering, is it truly the best bank to place your money in? One of the indicators of a bank’s safety is the number of years it has been in business. Doral Bank currently has branches in Puerto Rico, New York and Florida. The New York and Florida branches have only opened its doors to business in December 2010 and September 2010 respectively.

Despite being a relatively young bank, Doral Bank is FDIC insured meaning your money is safe for the maximum amount of $250,000. For those who have amounts less than this, then there would be no reason not to invest in Doral Bank. However, for those individuals who are planning to place more than this amount, then it may be safer to invest in larger and more reputable banks.