bank rates

Pacific Merc Boosts Short-Term CD Rates

hand catching coins falling from abovePacific Mercantile Bank bumped up 3-month and 6-month CD rates today, making it one of the top-paying banks in the country for both of those terms.

Indeed, Pacific Mercantile has now moved near the leaders in all our rankings of the best nationally available deals, with only one exception (5-year CDs).

That makes the community bank based in Orange County, Calif., worth considering for any saver who’s looking for better-than-average returns.

The only drawback is that Pacific Mercantile demands a somewhat steep $10,000 minimum deposit to open account.

Here’s a rundown on how the bank’s current rates compare to the best nationally available and average returns for the most popular certificates of deposit.

Pacific Mercantile CD rates

CD Term Pacific Mercantile rate Top rate Average rate
3-month 0.37% 0.45% 0.10%
6-month 0.77% 0.90% 0.14%
12-month 0.90% 1.05% 0.23%
24-month 1.11% 1.20% 0.37%
36-month 1.21% 1.45% 0.48%
60-month 1.31% 2.05% 0.79%

Compare these returns with the best CD rates from scores of banks in our extensive database.

Pacific Mercantile is a full-service bank with $1 billion in assets, which primarily makes commercial loans and residential mortgages.

It has seven branches in the Southern California towns of Newport Beach, Costa Mesa, La Habra, San Juan Capistrano, Beverly Hills, La Jolla and Ontario.

If you can’t make it to a branch, you can buy a CD online.

Contributing editor Dacri Swisher contributed to this report.
Follow Mitch Strohm on Google Plus.

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Comments (1)
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One Existing Comment
  1. Mike Cetera said:
    on November 27th at 11:28 am

    Pacific Mercantile raised its short-term CD rates again. 3-month CDs now pay 0.42% APY, 6-month CDs pay 0.90% APY (tied for the best nationally available deals in the country) and 12-month CDs pay 1.02% APY.