Kaiser Federal Bank is offering a high CD rate of 2.40% APY on its 36-month CD and IRA CD. The other terms are not quite as good: 2.75% APY 60-month CD and 1.60% APY 2-year CD. Minimum deposit is $1,000.
People in any state can open Kaiser Federal Bank's CDs, savings account and money market accounts. Checking accounts and IRAs are limited to California residents. You can do an initial application online or by phone (1-800-524-CASH). However, there are still forms to sign that must be returned with copies of your IDs and with your check that you will receive by mail. Unfortunately, the CD rates doesn't lock until they receive the check. You can include a note with the check instructing them not to open the CD if the rate has fallen. Wire transfers are not accepted for CDs, but can be used to add to your savings or money market account.
The early withdrawal penalty is 180 days of interest for terms of over one year. There's a 7-day grace period when the CD matures.
The bank used to have some decent rates on its savings and money market accounts. However, rates are now rather low. The money market saver account has a top yield of only 1.05%. There are many other better online savings rates available.
Kaiser Federal Bank branches are located in the California cities of Bellflower, Covina, Fontana, Harbor City, Los Angeles, Panorama City, Pasadena and Santa Clara.