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Pacific Mercantile Bank has a 1-year certificate of deposit with a 1.26 percent annual percentage yield (APY). The Costa Mesa, Calif.-based bank also has other CD rates and terms, including:

  • 0.4 percent APY for 3 months
  • 1 percent APY for 6 months
  • 1.41 percent APY for 18 months
  • 1.48 percent for 24 months
  • 1.48 percent for 36 months
  • 1.48 percent for 60 months

Interest rates are current as of April 26, 2011, and are subject to change at any time. CD rates are fixed for the term upon opening an account. Interest is compounded daily and is credited to the account at maturity or according to an interest payment option you select when opening an account.

Certificate of deposit accounts have no monthly fees. Withdrawing money early from a CD may result in a penalty. To open a CD you need a minimum deposit of $10,000 for non-IRA accounts. To open an IRA certificate of deposit you need a minimum of $7,500. You can make three deposits into a CD before maturity if the term is six months or longer. Funds in Pacific Mercantile Bank accounts are insured by the Federal Deposit Insurance Corp. (FDIC).

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