CD rates at California’s Pacific Mercantile Bank
If you’ve got a good sized chunk of change you’d like to tuck away for a while, Pacific Mercantile Bank (PMB) offers some decent CD rates. From a three-month CD that earns 0.40 percent APY to a 60-month CD that will earn you 1.48 percent APY, you can enjoy a secure — if modest — return on a deposit of $10,000 or more.
Let’s face it, CD rates these days aren’t going to earn you tons of money. That much we know. So when you’re looking at different savings options, you might want to consider factors other than interest rates as you decide where and how to save your pennies.
What sort of fees or penalties apply to a particular savings instrument? Is the bank local, long distance, or exclusively online? Has the bank been around for a long time and what kind of reputation does it have? And how does the bank rate in terms of customer service?
California track record
Pacific Mercantile Bank is a California state chartered bank with more than $1 billion in assets that opened in March 1999. It is the largest independent bank headquartered in Orange County, Calif. and the 18th-largest bank in the Los Angeles and Orange County area.
Pacific Mercantile Bank operates a total of seven financial centers in Southern California in Orange, Los Angeles, San Bernardino, and San Diego counties.
What to expect
As far as the CD rates that PMB offers, here are some pertinent features:
- No fees are associated with these accounts.
- Choose the term that’s right for you, from 30 days to 5 years.
- FDIC insured.
- The interest earned can be transferred monthly to any other PMB account.
- Access to your account information using their online banking solution.
- Download account information to Intuit QuickBooks or Microsoft Money in one easy step.
- Conduct business online, through the mail (use free bank-by-mail envelopes), or at any of their financial centers.
For more information, check out their web site.
