OneWest Bank Offers Custom Term CDs

OneWest Bank is offering a one of a kind certificate of deposit. They are calling it “custom term” CD’s which is exactly what its name suggests. The certificate of deposit offers the term of the CD at the length the investor wants it. It is ideal for the customer who still wants to avail of competitive rates while remaining in control of how long their money will be placed inside the CD. For those who have a clear estimate of when they will be needing their cash, this custom CD is the perfect choice since it doesn’t keep your money locked in at terms you are not comfortable with.

The minimum deposit for the custom term CD is only at a fair $1,000 and it does not have a monthly service charge. OneWest Bank also gives their investors access to 24/7 online banking. The terms available are starting from three months up to 5 years. It will then be up to the depositor how long he would like to keep his money in the CD.

Also, one of the best things about this CD is that the interest is compounded daily. This means maximum earnings for their depositors. It is then paid monthly, quarterly, or at maturity. One thing that has to be noted however is that there will be no interest earned for balances below $1,000.

OneWest Bank is the largest Southern California based bank and has 78 branches located throughout the South of California. It currently has $26 billion in assets and $16 billion in deposits. Aside from their great custom CD offer, OneWest Bank is also currently offering the highest CD rates for 3-month CD’s at 0.600% followed by AloStar Bank of Commerce at 0.500%.

For those depositors who are looking for a place to park their money at lengths they can actually control, OneWest Bank is the place to go.

iGoBanking Still Trumps All CD Rates

I guess there is always a gem to be found in the realm of investing. iGoBanking has one of the highest CD rates we have seen in a long time, although rates are not on the incline yet. There has been talk of CD rates increasing in early 2011, but that will all depend on ‘if and when’ the Fed increases its interest rates.

Anyways, iGoBanking has an interest rate of 1.35% on their 3 month CD! This not only is the highest 3 Month CD we have found, but also beats the highest 6 month CD and even beats the national ‘average’ rates on the 1-year, 2-year and 3-year certificates of deposit.

iGoBanking is based out of Flushing Savings Bank in New York and is the bank’s online division.

Bankaholic has been following this rate says, “iGoBanking has stuck with this deal since late July”. With their low minimum deposit of $1,000 it’s a CD rate that many will be able to take advantage of. If you do plan on investing into a certificate of deposit, shorter termed CDs are better than longer term.

With a $1,000 deposit into iGoBanking’s 3 month CD @ 1.35%, you will earn $3.38 or on a $10,000 deposit your earnings would be about $33.79. That isn’t much in the way of earnings, but its still the best rate you will find. If you are looking to store your cash for a few months, this might be the best place to make a little interest while your money sits around.

To compare how high iGoBanking’s 3 Month CD rate really is, we have listed the next 3 banks with a minimum deposit of $10,000:

  • 0.95% APY offered at VirtualBank, a division of Lydian Private Bank in Palm Beach Gardens, Fl.
  • 0.90% APY offered at Goldwater Bank, out of Scottsdale, AZ.
  • 0.80% APY offered at Woodlands Commercial Bank, located in Salt Lake City, UT.

(These CD rates were checked by Bankrate)

All of these banks allow anyone to buy their CDs regardless of where they live.

If you are looking for longer term CDs, be sure to check out our list of CD rates from top banking institutions.