OneWest Bank has a very noteworthy online CD promotion going on as of the 21st of this month. Currently, you can invest in a 10 – 18 month CD (certificate of deposit) and earn a lucrative 2.15% APY. You must deposit $5000 into this account to earn the advertised interest rate.
The average yield for 12 month CD’s currently sits at 1.65% APY (to put this offer in perspective).
OneWest Bank is located in Los Angeles, California, however this product (since it’s ONLY offered online) is available to people throughout the country.
The application process is a sinch. All you need is social security number, drivers license or state ID, email address, mother’s maiden name (…slightly odd request) and some form of secondary indetification such as a passport. One West Bank claims the whole process only takes around 10 minutes. You must be atleast 18 years old to take advantage of this product.
If you are looking for something with more liquidity you may like their premium yield “E Money Market” which holds an APY of 1.85%. The national average for money market rates sits at around 1.20%. Unlike the online CD, this holds a variable interest rate and is subject to change without notice.
Many thanks to BankVibe reader Jenn for submitting this one to us!
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