Branches located in Southern California, one branch in Northern California (San Rafael).
They keep changing the rate. The best rate was 4.50% APY for the 6-month CD. Then it went down to 4.25% APY. Now it's at 4.21% APY for 12 months. Minimum opening deposit is now $25K instead of $1K.
A minimum deposit of $25,000.00 is required to open. A Maximum of $95,000 may be deposited for single product households. If a Vineyard Bank checking, savings, or money market is opened in conjunction with this account the maximum deposit increases to $5,000,000. This promotion may end or change at any time without prior notice. Early withdrawal penalties may apply. Offer applies to California residents only.
Suggestion: Don't deposit $5,000,000, even if this bank weren't in so much financial trouble due to bad real estate loans. Stay within FDIC limits!
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posted: Jul. 24, 2008 @ 9:27p
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markkundinger
Senior Member - 2K
posted: Jul. 24, 2008 @ 9:43p
That is pretty good for a 6mo CD. And conveniently, the branch near me is in the same building as my local Fidelity branch, so it can't be beat for convenience!
ThursdaysChild
Missed.
posted: Jul. 24, 2008 @ 10:05p
markkundinger said: That is pretty good for a 6mo CD. And conveniently, the branch near me is in the same building as my local Fidelity branch, so it can't be beat for convenience! If you decide to put money there, let us know how it goes: hard pull? good online site? how to get money out when CD matures?
glxpass
Senior Member - 5K
posted: Jul. 24, 2008 @ 10:41p
ThursdaysChild said: markkundinger said: That is pretty good for a 6mo CD. And conveniently, the branch near me is in the same building as my local Fidelity branch, so it can't be beat for convenience! If you decide to put money there, let us know how it goes: hard pull? good online site? how to get money out when CD matures? I e-mailed the bank, asking if there were a hard credit inquiry.
swandown
Senior Member - 2K
posted: Jul. 25, 2008 @ 12:22a
Nice of them to put a max of $95K so that you don't lose any money when they go under in 5 months.
mnsweeps
Senior Member - 10K
posted: Jul. 25, 2008 @ 12:50a
Management is drunk behind the wheels after having some wine from their own vineyards..
glxpass
Senior Member - 5K
posted: Jul. 25, 2008 @ 11:04a
It appears that there is no hard pull. An excerpt from the response I received:
Thank you for your interest in Vineyard Bank. When opening a depository account, such as a COD, no “credit check” is run. The only information that is verified is your social security number and DL number. Additionally, we also verify that you are not on chexsytems. I hope this answers your question. If you require any more information, please feel free to contact me directly.
glxpass
Senior Member - 5K
posted: Jul. 25, 2008 @ 6:37p
A comment on Bank Deals confirmed that a branch visit is required. I called the bank and confirmed that for first-time customers with Vineyard, a branch visit is required as part of their Customer Identification Program (CIP) in order to comply (as they perceive it) with the US Patriot Act. It's possible that in the future they might accept a notarized document instead of a personal appearance, but nothing definite on that possibility.
For some reason, my remark that given all their problems with real estate loans, it would make sense for them to be a little flexible in trying to acquire deposits didn't go over all that well.
araknis
Senior Member
posted: Jul. 30, 2008 @ 10:54p
went to my local branch today and it was a zoo! i've been trying to call the past few days, but no one picks up the phone nor returns any phone calls. after speaking with the CSR she mentioned that people have been waiting for up to 2 hours to open an account. luckily, there was only 1 person ahead of me when i got there so i only had to wait 10 minutes. by the time i left, there were 5 people waiting to open an account.
best way to transfer from a savings account is to open a free checking account (no min) and the CD. ACH transfer from savings account to vineyard checking account. vineyard can then transfer to CD. they allow 1 deposit during the 6 month term.
SleepyBum
Tired Member
posted: Jul. 31, 2008 @ 10:44p
Here's an interesting ad ran by Vineyard Bank...
Can someone explain what this "Consent Order" means? Is this good or bad? Kind of tempted by the 6-Month CD. I'm not going to put that much in.
are rates steadily increasing? is this a good time to throw some cash into a 4.5? or should I wait
glxpass
Senior Member - 5K
posted: Aug. 5, 2008 @ 10:15p
According to a comment in the Bank Deals post linked to in the Quick Summary, Vineyard was willing allow an applicant for the CD to sign papers at its Los Altos construction loan office. That's in the Silicon Valley area of the SF Bay Area. Here's some information about those offices, as well as another location:
Vineyard Bank also operates two loan production offices located in Westlake Village and Los Altos, and one regional financial center in Sherman Oaks, California.
So this gives another option to people who are closer to their Los Altos construction loan office than their San Rafael branch or people who are close to their Westlake Village construction loan office.
SleepyBum
Tired Member
posted: Aug. 6, 2008 @ 6:27p
They also added a 12-Month CD at the same rate, 4.50% APY, maybe to match the WAMU rate mentioned by scott.
I see nothing on their website at the moment about any rates, much less the CD specials. It looks like the 4.50% APY (and who knows what else) is dead.
ThursdaysChild
Missed.
posted: Aug. 24, 2008 @ 12:42a
glxpass said: I see nothing on their website at the moment about any rates, much less the CD specials. It looks like the 4.50% APY (and who knows what else) is dead. You just didn't stare at the homepage long enough. After it flashes "A Message to Our Loyal Customers" it shows a picture of a politically correct sample of people with the message "Get to Know Us" "6-month CD 4.25% APY"
Their website has always been difficult to navigate, but using the link in the Original Post to their rate chart, you can see their rates as of August 18, 2008.
glxpass
Senior Member - 5K
posted: Aug. 24, 2008 @ 5:27p
ThursdaysChild said: glxpass said: I see nothing on their website at the moment about any rates, much less the CD specials. It looks like the 4.50% APY (and who knows what else) is dead. You just didn't stare at the homepage long enough. After it flashes "A Message to Our Loyal Customers" it shows a picture of a politically correct sample of people with the message "Get to Know Us" "6-month CD 4.25% APY"
Their website has always been difficult to navigate, but using the link in the Original Post to their rate chart, you can see their rates as of August 18, 2008. Thanks. What I was looking at was the promotion page for the deal, which has now changed, since the APY is now lower. The former promotion page still exists, but no rate shows. Thanks for the home page idea, though. Through that I've now linked directly to the new promotion page.
With the reduction to 4.25% APY, IMO this deal hardly seems worthwhile now, especially now that other FIs are increasing their rates.
ThursdaysChild
Missed.
posted: Aug. 25, 2008 @ 2:19a
glxpass said: <snip> With the reduction to 4.25% APY, IMO this deal hardly seems worthwhile now, especially now that other FIs are increasing their rates. Maybe we ought to start a new thread about FIs that are dropping their rates. Vineyard and Downey are in trouble and are dropping their rates, but WAMU is in trouble and raising theirs. What to make of it all?
whitelephant
New Member
posted: Aug. 26, 2008 @ 1:55p
Contacted Vineyard Bank yesterday wanting to find out the charge for closing a CD early after learning WAMU was offering 5% on 12 mo CD. Learned the fee for closing a CD early waa 30 day simple interest. They asked why I was closing and I said because of the WAMU rate. I asked if they could match it, which they did. Do not know if they will match WAMU on new money. Remember this is a weak bank so keep within FDIC.
glxpass
Senior Member - 5K
posted: Aug. 29, 2008 @ 2:02p
So now the only rate worth mentioning is 4.21% APY for 12 months, minimum opening deposit of $25K.
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