Savings Account & MMA Rates
CD (Certificate of Deposit) RatesIf you can deal with all of the rules, you’ll have a tough time finding a better return than Wilshire State Bank is offering on its Rainbow Savings Plan.
This installment savings plan requires you to choose a goal of $1,000, $5,000, $10,000 or $20,000 and decide how much time you want to reach that goal, from 12 to 36 months.
You then deposit a fixed amount into the plan each month, and collect your goal after the final payment has been made. The amount you receive includes your deposits and the interest you’ve earned on that savings.
The interest rate depends on the length of the plan — longer plans earn higher rates — and how the payments are made.
If the money is taken from a Wilshire State checking account, you’ll earn about a quarter-point more than if you have it automatically deducted from an account at another bank (although Wilshire will do so at no extra charge).
So how much are we talking about?
From 2.79% APY for a 12-month plan with the payments taken from another bank, to 3.82% APY for a 36-month plan with payments taken from a Wilshire account.
That’s a very competitive offer at a time that the best nationally available 12-month CD pays 1.80% APY and the top 36-month CD yields 2.60,% APY.
Here’s a chart from Wilshire State that details how much you’d earn, and how much the monthly payments would be, for plans with payments being taken from another bank:
Wilshire State has 23 branches in California, Texas, New Jersey and New York. But Rainbow plans can be opened online and are available to savers nationwide.
For those of you who’ve been asking, it has a solid 3 Stars from Bankrate’s “Safe & Sound” rating system.
(6 votes, average: 3.67 out of 5)
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