California Banking Rates

Recent Changes to California CD & Savings Rates

June was another rocky month for CD rates in California. Some interest rates climbed while others declined, making it a mixed bag for certificate of deposit investors. Those who purchased last month and were able to lock in at higher rates won’t care much either way. However, those who waited and those who have fluctuating rates will either be overjoyed or dismayed by the changes in California CD interest rates for the month of June.

Two California CD interest rates increased this month:

  • Torrance Community Credit Union saw its short-term, 6-month CD interest rate climb by .22% up to .25% for the month of June.
  • Kinecta Credit Union likewise saw an increase in their short-term, 6-month CD interest rate by .10% from — .05% to .15%.

One California CD interest rate saw a dramatic plunge:

  • San Mateo Credit Union‘s 24-month CD interest rate fell sharply by .45% from .85% to .40%.

Similarly, community bank and credit union interest rate changes on savings accounts also showed some noticeable declines:

  • Chabot Federal Credit Union saw the steepest drop for the month of June, falling by .70% from 1.25% to .55%. The former interest rate rivaled some of the top CD rates in California.
  • Rabobank America saw a more modest decrease in the interest rates on its savings account, falling by .20% from .30% to .15%.
  • Rancho Credit Union saw its savings accounts drop by .15% from .25% to .10%.

It’s worth noting that the biggest decreases in California CD interest rates were at places where the interest rates were previously the highest. Similarly, the interest rates increase the most at places where they were previously very low. Further, most of the fluctuations took place within the realm of credit unions, point to this perhaps being a volatile place for people to put their money.