Center Bank is a FDIC-insured bank with branches in both California and the Chicago, Illinois area. It appears that Center Bank is marketing their banking services to Korean-Americans because there exists a Korean-language section of their website. This is nice to see of course and if you know a Korean-speaking person you may mention it to them. Along with being bilingual, Center Bank offers a full suite of online banking services. Of special note are the standard CDs and Flexible CDs which offer competitive rates and terms as listed below:

Standard CD Features:

Terms from 7 days to 5 years available

Minimum balance to open $1,000

Early Withdrawal Penalties:

Over 1 year : 3 month’s simple interest
32 days to 1 year : 1 month’s simple interest
7-31 days or less : whichever is greater of the following
- Accrued interest for half of the term
- All accured interest

Flexible CD Features:

Minimum balance to open is $5,000

You may make additional deposits into your account before the maturity date of the Flexible CD. The minimum amount of any additional deposit is $1,000. The total amount of any additional deposits during a term cannot exceed the initial deposit at account opening or at renewal. There are no limitations on the frequency or timing of additional deposits, except that no additions can be made in the last seven days before maturity. In addition, you may make two penalty-free early withdrawal penalties after the first 7 days you open the CD and before the last 7 days before the maturity date of your Flexible CD.

Flexible CD Rates:

12-month CD 3.40% APY

6-month CD 3.30% APY

Apply online

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