Wednesday, 25 November 2020

California Bank and Trust Review: Checking, Savings, CD, Money Market, and IRA Accounts

California Bank and Trust Review: Checking, Savings, CD, Money Market, and IRA Accounts
07 Nov
8:00

California Bank & Trust’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.06%

Savings

California Bank & Trust Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

California Bank and Trust’s checking account options

magnifying glass

How California Bank and Trust’s checking accounts compare

California Bank and Trust offers a decent line of checking accounts, from those that benefit younger or older account holders to those looking for interest on their checking deposits. Unfortunately, the rates paid at CB&T are less than half of the national average and are not competitive with the best rates for checking accounts available nationally.

California Bank and Trust’s savings account options

magnifying glass

How California Bank and Trust’s savings account compares

California Bank and Trust has a limited savings account roster, with just one traditional savings account and an option for younger savers as well. Although both accounts pay interest, you’ll earn a fraction of the national average for bank savings rates nationwide, even with the savings boost from a Premium Interest Checking relationship.

At every level, the best available savings rates pay much more than the interest you can get at CB&T, at every level.

California Bank and Trust’s CD account options

magnifying glass

How California Bank and Trust’s CD rates compare

California Bank and Trust offers a fairly middle-of-the-road line of CDs. Account minimums and maturity dates are somewhat standard across the industry. The grace period is generous for longer-term CDs before they auto-renew. Rates can vary. Customers seeking top rates may want to consider another option with the best national CD rates.

California Bank and Trust’s money market account options

magnifying glass

How California Bank and Trust’s money market account compares

There’s only one money market account option at California Bank and Trust, so all comparisons must be done with national competitors. Although the money market account pays more than the bank’s savings accounts, even at the highest tiers, the rate paid is less than the national average rate. Shopping around for the best money market rates nationwide will reveal much higher rates available elsewhere.

California Bank and Trust’s IRA account options

magnifying glass

How California Bank and Trust’s IRA accounts compare

California Bank and Trust’s IRA CD line offers the same overall features as the bank’s taxable accounts — meaning, maturities and account minimums are fairly standard. Some branches may offer a promotional CD, but you’ll have to contact your local office. The best available national IRA CD rates can be found elsewhere.

The IRA Money Market is a nice option for those looking to park money at rates better than you could get in a savings account; however, when compared with other money market accounts, these rates also come up short.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

Source: https://www.magnifymoney.com/blog/reviews/california-bank-and-trust/

« »

Szemere

Related Articles