While the minimum deposit is somewhat hefty at $50,000, the 5-year CD at the Community Bank still has one of the top CD rates in California. Its IRA CD equivalent, earning the same yield, has a less stringent minimum deposit at $500. If you don’t wish to apply for an IRA CD, and you can’t afford the $50,000 minimum deposit of the top yield, there’s another option.

There is another CD being offered with a minimum deposit requirement of $2,500, but the yield isn’t as competitive. You’ll be earning only 2.28% APY with this CD. Before opening an account, you may want to double check the bank’s rate page first. As with even the best CD rates in the market, the rates can change overnight. You would want to invest your money on only the highest yielding CDs in the market.

You may also want to inquire about the early withdrawal penalties. These aren’t posted on the bank’s website, and as long term CDs go, the penalty may be hefty. Inquire about it first before opening an account to avoid losing money in the long run.

The good news is that CD deals offered locally tend to be more stable than its national counterparts. If you reside or work in California, this could be the best CD deal for you. You’ll also be happy to know that the bank’s safety and soundness ratings are pretty impressive. BauerFinancial.com gave the bank four stars out of five, while Bankrate.com gave them three out of five stars.

To open an account, simply visit their branches at LA cities, mostly those designated in the state’s metro area. These cities include Burbank, Glendale, Pasadena, and Anaheim. The bank has been a member of the FDIC since 1983. The Community Bank in California is federally insured under FDIC Certificate #24315.