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Pacific Mercantile Bank 2.87% 18 Month IRA CD

May 28th, 2009

Pacific Mercantile Bank is offering 2.87% APY on their best IRA CD rates for terms of 18 months, 2 years, and 5 years. The minimum deposit is pretty high at $7,500. They have an online application, but you need to print out some additional forms and mail them in for opening an IRA CD.

You can fund the account via check or wire transfer.

If you want to get a regular certificate of deposit they’re currently offering a 1 year CD with a 2.22% APY with a $10,000 minimum deposit. With his CD you’re allowed to make up to 3 deposits into the CD and the early withdrawal penalty is 90 days’ interest.

Pacific Mercantile Bank is also offering a checking account that’s yielding 0.40% for balances below $1,500 and 2.75% for balances between $1,500 and $100,000. The checking account however requires a branch visit. Branches of Pacific Mercantile are located in California in the cities of Beverly Hills, Costa Mesa, La Habra, La Jolla, Long Beach, Newport Beach, Ontario, and San Juan Capistrano.

Pacific Mercantile Bank has a 2 out of 5 star soundness rating from bankrate and is FDIC insured. I recommend always staying under the $250,000 FDIC insured limit.

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