OneWest Bank has competitive CD rates that include 2.4% annual percentage yield (APY) for two years and 3.4% APY for five years if you open an account online. Other online CD rates at the bank include:

• 1.3%  APY for three months
• 1.8% APY for nine months
• 2.1% APY for one year
• 2.8% APY for three years
• 2.9% APY for four years

To open a certificate of deposit you need a minimum opening deposit of $5,000. Interest is fixed and is compounded daily and paid or reinvested into the CD account monthly or at maturity. Certificates of deposit renew automatically at the current rate available for the same term. The CD rate you receive also will be based upon the account balance.

There is a seven-day grace period beginning the day after maturity during which you can withdraw or transfer funds to another account. You’ll pay a penalty for withdrawing money early. For example, if you withdraw money early from a CD that has a term of one year or longer, the penalty would be six months of simple interest at the rate being paid on the amount that is withdrawn.

OneWest Bank also has an online Raise Your Rate CD that allows you to request a rate increase once during the term. The maturity date will remain the same after the CD rate increase.

Related posts:

1. GiantBank.com CD Rates