Regal Financial Bank Offering 4% APY 12-Month CD

Regal Financial, a community bank based in Seattle, WA, is offering a 12 month CD for 4% APY. Details about the CD are scarce. I tried to get through to someone on the phone but was dumped into a voicemail system and asked to leave a message. As a practice, I don't leave a message for a bank since I think answering the phone is rather expected of financial institutions.

Still, for those willing to jump through hoops to get the best rate, this looks like it for the moment. The best 12-month CD rate according to the BestCashCow rate table is Corus Bank at 2.94% APY. Regal Financial Bank's 12-month CD is a full percentage point higher.

Here are some key points about the offer:

New money only
For balances between $2,500 - $250,000

Offer expires March 15, 2009
Customer must open two other products with Regal Bank in order to quality for the rate. Presumably the two ther products would be something like a checking account and a credit card.

Judging by the website, I'd say the account can only be opened via phone or a branch visit. I didn't see any mechanism for opening it online.

Regal Financial Bank is rated 3 1/2 Stars out of 5 by Baeur Financial (Good) for its safety and soundness. The bank was founded and has been FDIC insured since 2002 (certificate #57236). I tried to examine their annual report but it was password protected online.

Today's Highest Online CD Rates

Bank	Product Term	Interest Rate (APY)
TotalDirect, a division of City National Bank of Florida	1-Year	4.50% APY with $25,000 minimum
Canadian Imperial Bank USA	1-Year	4.43% APY with $1,000 minimum
First Internet Bank of Indiana	1-Year	4.42% APY with $1,000 minimum
Navy Federal Credit Union	3-Year	4.05% APY with $100,000 minimum
Merrick Bank	3-Year	4.00% APY with $25,000 minimum
Colorado Federal Savings Bank	3-Year	3.95% APY with $5,000 minimum
Synchrony Bank	5-Year	4.00% APY with no minimum
Merrick Bank	5-Year	3.95% APY with $25,000 minimum
M.Y. Safra Bank	5-Year	3.90% APY with $500 minimum

Bank

Product Term

Interest Rate (APY)

TotalDirect, a division of City National Bank of Florida

1-Year

4.50% APY with $25,000 minimum

Canadian Imperial Bank USA

1-Year

4.43% APY with $1,000 minimum

First Internet Bank of Indiana

1-Year

4.42% APY with $1,000 minimum

Navy Federal Credit Union

3-Year

4.05% APY with $100,000 minimum

Merrick Bank

3-Year

4.00% APY with $25,000 minimum

Colorado Federal Savings Bank

3-Year

3.95% APY with $5,000 minimum

Synchrony Bank

5-Year

4.00% APY with no minimum

Merrick Bank

5-Year

3.95% APY with $25,000 minimum

M.Y. Safra Bank

5-Year

3.90% APY with $500 minimum

Comments

ratechaser

March 01, 2009

If you try to open an account online or call them, you will see that they are not really prepared to open accounts for anyone who is not standing in front of them.

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jojibro

March 02, 2009

This bank will email you the application which you must fax them back with a copy of your drivers license.
And then mail them a check to fund.
That's the easy part.
However, in order to qualify for the special (MVP) CD offer you must commit to an interest free checking account with at least $500 to avoid a monthly fee.
Another account or product is also required which will also have a minimum to maintain a fee free situation.
You would have to put enough money in the CD to earn enough to offset what you're losing in the other required accounts.
So if the 4% for 12 months is worth tying up another couple thousand dollars at little to no interest, then this is for you.
I will pass.

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jimschneck

June 18, 2009

Bank is a total rip off.
Advertised a 3.75% savings and when I made a deposit of 45,000 dollars the rate dropped to 2.75 in 2 days then to 1.70 in the following week.
Stay away.

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CLAM DIGGER

October 31, 2009

GO LOOK AROUND MONEY IS NOT WORTH PUTTING IN THE BANK ANY MORE. EVEN IF YOU GET 3.5 IT STILL IS WORTH IT.

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Anonymous

January 18, 2011

I opine that to receive the mortgage loans from creditors you must have a great motivation. Nevertheless, once I've received a car loan, just because I wanted to buy a house.

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