Not a great offer at all, but you will get more from Centennial Bank than from, say, HSBC Direct.
Right now, Centennial Bank is offering up to 3.30% APY for its savings account. The minimum balance required to open an account is only $500. However, to earn the top tier rate, you will have to have at least $100,000 in deposit. If you have anywhere from $500 to $10,000, then you will get 2.28% APY. Complete rate information is listed below:
| Variable Rate Tiered Savings Account $500.00 Minimum |
||
Balance |
Interest Rate |
Annual Percentage Yield |
| $500.00 – 9,999.99 | 2.25% | 2.28% |
| $10,000 – 24,999.99 | 2.50% | 2.53% |
| $25,000 – 49,999.99 | 2.75% | 2.79% |
| $50,000 – 99,999.99 | 3.00% | 3.05% |
| $100,000 – and over | 3.25% | 3.30% |
If the account balance falls below $500, the account doesn’t earn any interest, even though there’s no account maintenance fee. With this account, you can make at most 6 withdrawals per month, 4 of them are free of charge. Any withdrawal over the 4 limit in a calendar month will cost you $5.
This tiny bank, established on October 25, 1979, is located in Fountain Valley, CA with only one branch office and has been a member of FDIC since November 3, 1989 (certificate number 32707). According to Bankrate.com’s Safe & Sounding Rating, Centennial Bank has 4-star rating.
