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Beach Business Bank 2.5% APY Savings Account

June 24th, 2009

Beach Business Bank is offering 2.5% APY savings accounts starting July 1, 2009. The current rate is actually at 2.75% APY, but is set to drop on July 1st. The minimum deposit is a little steep at $10,000 and if your balance drops below that the rate is just 1%. There are no monthly service fees on this account. Accounts can be opened from any state by mail. Apparently you need to open an account in person. Branches of Beach Business Bank are located in Long Beach and Manhattan Beach, California.

Unfortunately there’s also no ACH transfers. Deposits and withdrawals must either be done by check or wire transfer and there’s a $10 fee for wire transfers. You should be able to perform ACH transfers from another bank account however.

Beach Business Bank has a 3 out of 5 star soundness rating from bankrate and is FDIC insured. Check out their business savings account as well.

Savings Rates

  1. Sarah Studebaker
    February 11th, 2010 at 19:32 | #1

    This information is incorrect. I called Beach Business Bank and they only open these accounts for locals or people referred to the bank by current customers.

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