California First National Bank Restructures Money Market Checking

Availability: Nationwide, internet bank

California First National Bank (CalFirst) began the month by restructuring its Money Market Checking account to include tiered APY levels and increasing the top rate.

For the past four years, CalFirst's Money Market Checking earned a rather unimpressive 0.50% APY on deposit levels. As of last week, the new APYs and deposit levels are 1.00% APY ($50k+), 0.75% APY ($15k+), and 0.50% APY ($5k+).

APY MIN MAX INSTITUTION PRODUCT DETAILS 1.00*% $50k - California First National Bank Money Market Checking

Accounts mentioned in this post. Rates as of April 11, 2016.

As stated on CalFirst's Truth in Savings Disclosure document,

You must deposit $5,000.00 to open this account.

A service charge of $20.00 will be imposed each statement cycle in which the daily balance of the account falls below $5,000.00.

If your combined balances in all your CalFirst accounts equal $5,000.00 or more on every day during the statement cycle, no service charge will be imposed.

Availability

Headquartered in Irvine, California First National Bank is an internet bank that offers its product line to all residents (18 years or older) of the United States. At this time, the product line includes Checking, Savings, Money Markets, and CDs.

Opening an account must be done online, or by downloading the application form and returning by mail or fax.

After you have completed the online application form, click the submit button. We will review your application, and if it's approved, we will send you a new account opening kit via U.S. mail. Your kit will include a signature card for your review. Please make sure that all the information is correct, then just sign it and return it to us in the postage-paid envelope provided. If you like, you may also send us a check for your opening deposit at that time.

Bank Overview

California First National Bank (FDIC Charter # 35331) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 1.44% (excellent), based on December 31, 2015 data. In the past year, CalFirst has increased its total deposits by $142.94 Million, an excellent annual growth rate of 31.41%. Please refer to our financial overview of California First National Bank for more details.

California First National Bank was established in 2001. In addition to offering traditional services to individuals, CalFirst also offers loans and leases through several specialized business units, including CalFirst Commercial Finance, UniversityLease, CalFirst Government and Education, and Non-Profit Group. A subsidiary of California First National Bancorp, CalFirst currently holds assets in excess of $776 Million.

How the Money Market Checking Compares

When compared to the 120 nationally available Money Market Accounts tracked by DepositAccounts.com, California First National Bank's Money Market Checking account currently ranks in the top seven. The following is a sampling of those seven accounts.

Interest Rate Account Name Credit Union/Bank 1.25% APY (up to $35k) Mega Money Market All America Bank 1.11% APY (up to $150k) Yield Pledge Money Market (Year 1) EverBank 1.00% APY ($50k min) Money Market California First National Bank

The above rates are accurate as of 4/10/2016.

To look for the best nationwide Money Market rates and the best Money Market rates in your state, please refer to our Money Market Rates Table or our new Rates Map page.

Source: California First National Bank Restructures Money Market Checking