Kaiser Federal Bank is providing a quality rate of 2.40% Annual Percentage Yield on its 3-Year CDs and Individual Retirement Accounts CDs. The other certificates of deposit have less competitive rates. The 5-Year CD offers only a 2.75% and the 2-Year CD provides 1.60% APY. Customers who want to open CDs need to deposit $1,000 initially for all CDs.

Kaiser Federal Bank opens their  investment opportunities in the form of their certificate of deposits, money market accounts, and savings account to anyone in the United States. Unfortunately their Individual Retirement Accounts (IRA) and their checking accounts are only for locals of California.

Interested parties who want to bank with Kaiser can go to their website  or call them at  1-800-524-CASH. After applying through the Internet or through the phone, the staff will snail mail forms for customers to sign. These forms will need photocopies of identification as well as the check.  The CD does not start generating interest until the people at the bank receive the check. As a fail-safe, customers can also provide a note in the reply instructing bank representatives to not continue with the certificate of deposit in case the cd rates are no longer satisfactory. Unfortunately, Kaiser Federal Bank does not accept wire transfers in order to provide money for the CDs. Transfers are for savings or money market accounts only.

If one reads the fine print in the site, the bank gives penalties to accounts when funds are withdrawn early. The penalty is six months worth of interest for CDs which maturity period is beyond 1 year. However, customers can withdraw the money during the 1 week grace period at the maturation of the CD.

Kaiser had competitive rates in their money market and savings accounts. Due to the financial climate, the rates have decreased. The MMA for example only provides an APY of 1.05% according to the bank’s information found last July 25, 2010.

Kaiser has several branches in California, specifically in the cities of Los Angeles, Panorama City, Covina, Fontana, Pasadena, Harbor City and Santa Clara.

The financial institution has mixed ratings in different reviewing sites or bodies. BauerFinancial rates Kaiser as 5 stars. Bankrate.com gives it 2 stars signifying a poor standing Ratings are done on March 31, 2010 financial information.  Kaiser Federal Bank has been with the FDIC since 1999 with a FDIC # 35448.