California based Pacific Mercantile Bank is pushing for their IRA CD that earns top cd rates of 2.53% APY for an 18-month, 2-year, and 5-year program. All of these IRA best interest rates can be enjoyed with a deposit of $7500.

The interest rates are still posted on the bank’s website as of 9 July. They usually update the interest rates every Tuesday. It will be best to call their customer service line and confirm if the rates have changed or are still in effect before signing up for anything.

According to the bank, individuals from any state can open an account. Consumers can access an online which they can print and send it via mail plus a copy of your driver’s license. For the IRA’s there are extra forms to fill up and you can ask the bank to email you the required forms.

In case consumers will send in the check to fund their initial deposit, the rate will be locked in based on the date posted on the envelope. Incoming wire transfers are also free so this is another option to fund your account.

Upon maturity, account holders can instruct the bank to wire out the funds for a fee of $35. The bank can also send a check to you or you can request them to reinvest the funds to other certificates of deposit.

Pacific Mercantile Bank has offices in the cities San Juan Capistrano, Long Beach, Costa Mesa, La Joall, La Habra, Ontario, and Beverly Hills all in California.

Bankrate.com and BauerFinancial issued 2 stars and 3 stars, respectively, when they reviewed the bank’s performance. Pacific Mercantile is under the insurance of FDIC with certificate # 34940.