OneWest Bank has a three-year certificate of deposit with a fixed 2.25% annual percentage yield (APY). This CD rate is good for accounts opened online, as of June 18, 2010. The bank of CD rates and terms that include:
- 1.1% APY for 9 months
- 1.4% for 1 year
- 1.5% for 18 months
- 1.9% for 2 years
- 2.9% for 4 years
- 3% for 5 years
Interest on certificates of deposit compounds daily and is reinvested monthly or upon maturity. Other terms are available, with the shortest term being one month. Accounts that are opened by Southern California residents in a branch or the call center may have different CD rates from online accounts and require a checking account.
You can only make withdrawals from a certificate of deposit upon maturity. There is a seven-day grace period. You can make additional deposits to a certificate of deposit during the grace period and for retirement accounts with terms of two years or less. The CD automatically renews upon maturity for the same term at the current rate unless you choose to close the account.
OneWest Bank certificates of deposit require a minimum opening deposit of $1,000 to receive the advertised CD rates. You must maintain the minimum balance requirement to receive the best interest rates.