2.79% APY Best savings account rate with Wilshire State Bank

January 24th, 2011 Jonathan Chamberlain Leave a comment Go to comments

Wilshire State Bank is still offering their high yield savings account called Rainbow Savings Plan which is basically a savings program which allows you to put in money in installment every month and still enjoy the best interest rates.

This installment high interest savings account will allow you to make most of the highest interest rates for deposits accounts today. This kind of savings account is not very common in the market. These are mostly offered by communities of Korean-Americans.

The installment savings account allows you to enjoy the following: attractive interest rates, choose how you will save monthly and how you will collect, and set up automatic transfers from your Wilshire State Bank account or from another financial institution.

Comparing this kind of savings account to a CD, this installment savings account requires you to make equal deposits every month instead of one big drop when opening a CD. The interest rates are also fixed for the term of the savings account just like a certificate of deposit. You will also be able to enjoy a higher savings account interest rate if you have an account with the bank from which you can automatically transfer funds.

Wilshire State Bank offers the following interest rate for this installment savings account program when you setup automatic transfers from your Wilshire Bank account:

36 months 2.79% APY

30 months 2.28% APY

24 months 2.28% APY

18 months 2.02% APY

12 months 2.02% APY

The interest rates are a bit lower when you do it from an external bank account:

36 months 2.53% APY

30 months 2.02% APY

24 months 2.02% APY

18 months 1.77% APY

12 months 1.77% APY

You can see the monthly installment schedule on their website as well as the lump sum amount you can collect after the agreed period of savings. Account holders must make a timely deposit to their installment savings account or the rates may decrease. The account can be closed if you missed 3 consecutive instalments. There is also a $10 fee for every deposit going beyond the quarterly limit of three.

The maximum savings deal you can get is for $100,000. In case you are interested, you can use the application online.

You need to take note that the yield will be the average of the interest rate of the account (savings or checking) which will hold your initial lump sum and the interest rate of the installment savings program. Once you get the average, you can compare the numbers to the going on CD rates for the term you have chosen for the installment savings program. The best move will be to get a higher interest rate for your source account before moving it to the installment savings account.

Wilshire State Bank also welcomes Rainbow Savings applications at their branches. They have offices in New York, Southern California, Fort Worth and Dallas in Texas, and in New Jersey.

Wilshire State Bank is guaranteed by the FDIC under certificate number 23301.

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