posted: Feb. 6, 2008 @ 9:43p 
Burbank branch only
Luther Burbank MMA 5.15 APY (25k min) Archived From: Finance |
Burbank branch only
Burbank branch - 5.15% APY MMA (min 25k)
Saw it advertised on the Toluca Lake branch's webpage:
BankDeals has investigated it for you.
Luther Burbank Savings is offering a special 5.00% APY 90-day certificate of deposit. The minimum deposit is $10,000. The offer seems to only be available at its Burbank, CA branch. It's very likely a branch visit is required.
Another special at this Burbank branch is a 5.15% APY money market account with a minimum balance of $25,000. The yield is 5% APY for a $10K minimum balance and 1.50% APY for a $1K minimum. Since there's no guarantee on this rate, and rates are falling fast, I would consider the CD to be the better deal.
The bank's other branches at Encino, Palo Alto, San Rafael and Santa Rosa are offering a yield of 4.85% APY on the 90-day CD. All the branches are also offering a 4.50% APY 4-month liquid CD. It has a $10,000 minimum deposit. It allows unlimited deposits, and one penalty free withdrawal per month. This would be a very nice deal if it were a longer term.
The bank has been FDIC insured since 1983 (Certificate # 32178
This deal is still good. I went in today to open a CD (Burbank/Toluca Lake). 90 Day CD, 5.00% APY/4.81% rate, min $10,000. The rep said the rate will be good until the end of the week.
Looked at the rate sheet, and the MMA and Liquid CD is still offered, but didn't ask how long the rate is guaranteed for, min $1,000.
MMA tiers (APY/Rate):
$1,000-$9,999 1.50%/1.47%
$10,000-$24,999 5.00%/4.81%
$25,000+ 5.15%/4.95%
The 4 Month Liquid is min $10,000, 4.75% APY/4.58% rate.
Unlimited deposits and 1 withdraw per calendar month. Must keep a min of $10,000 at all times.
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