bank rates

Looking At City National’s CD Rates? Why?

Bank just can't compete on CD ratesI typically use the first paragraph of a post to tout the best CD rates a bank has to offer, so you know your best saving options right off the bat.

But this time, I’m breaking the mold.

City National Bank, a somewhat-big bank with 79 offices in California, Nevada, New York and Tennessee, simply doesn’t excel in the certificate of deposit department.

City National (www.cnb.com) may very well have other fine qualities — my job is to only look at CD rates so I can’t say. I can say that Natasha, the client services representative I spoke with over the phone, was super helpful and friendly, which is always nice.

But back to CDs.

With a $2,500 minimum deposit, City National pays below-average rates across the board:

0.10% APY for 3-month CDs vs. an average rate of 0.16% APY. (Leaderboard leader is 0.91% APY.).

0.20% APY for 6-month CDs vs. an average rate of 0.24% APY. (Leaderboard leader is 1.00% APY.).

0.30% APY for 12-month CDs vs. an average rate of 0.38% APY. (Leaderboard leader is 1.15% APY.).

0.45% APY for 24-month CDs vs. an average rate of 0.57% APY. (Leaderboard leader is 1.34% APY.).

0.60% APY for 36-month CDs vs. an average rate of 0.74% APY. (Leaderboard leader is 1.75% APY.).

1.14% APY for 60-month CDs vs. an average rate of 1.26% APY. (Leaderboard leader is 2.25% APY.).

The current “special” CD is a 5-month liquid CD, which pays 0.10% APY with a $10,000 minimum deposit.

No. Thanks.

City National is supposed to have one set of rates for California, New York and Tennessee, and a second set for Nevada, but both sets were the same. This may not always be the case.

Oh, and CD rates aren’t available online — you have call client services.

And, you have to buy CDs in person at a branch. If you don’t live in City National’s footprint, you’re out of luck.

Not that there’s any luck to be had here anyway.

There are definitely better deals out there, and you’ll find them if you compare City National’s returns with the best CD rates from scores of other banks in our extensive database.

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Comments (2)
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  1. Geoff Scott said:
    on October 4th at 03:19 pm

    So why waste your time writing this?

  2. SeniorSaver said:
    on October 4th at 09:02 pm

    City National does have a nice radio ad featuring Wolfgang Puck . . . but he’s not plugging deposit accounts.