Wilshire State Bank of Los Angeles, California with bank branches in California and in three other states including New York, New Jersey and Texas is offering their “Rainbow” savings account.
The savings account is a savings installment plan which allows you to set aside a fix sum each month.
What makes this interest savings account - savings plan attractive is the rates. The rate on this high yield savings is tiered, the savings account currently has an annual percentage yield of 4.34 percent, one of the best savings rates around.
To earn this high yield you’ll have to do more than just deposit your money. The APY you receive depends on the amount of monthly payments you make and the time period you select.
Another good thing about this savings account is the rate is fixed until the maturity date you select. In fact, this account is also like a certificate of deposit account which has one of the highest CD rates around.
The monthly transaction limits and requirements posted on the bank’s website.
- One installment payment must be deposited into account on a monthly basis based on the installment contract with the bank. Any delays in monthly deposits past the deposit cycle date will reduce both the interest and the maturity withdrawal amount
- Failure to make three (3) consecutive monthly installments or
cancellation of automatic transfers from a WSB deposit account results in either closure of account or transfer to a Regular Savings Account
- A $10.00 fee will be applied for every deposit in excess of three (3)
within a quarterly cycle
Find out more at Wilshire State Bank Rainbow Savings Account
Author: Lisa Graham
August 9th, 2009
