Pacific City Bank , which is based in California, is offering a pair of savings account with high interest rates. The concept of the installment savings account is that customers must deposit an amount based on the contract between the depositor and the bank. The base APY of the Installment Savings account is 2.53% APY while the Plus Installment Savings account is 3.05% APY.

These particular high interest savings accounts are great for disciplined depositors who favor setting aside a fixed amount every month in order to meet their target amounts. People who take up an installment savings account or plus installment account will specify how much they are willing to save per month, for how long and what amount they are willing to set aside each month to reach their target. It is safe to say that the longer the length of time chooses, the higher the benefits and the lump sum depositors will get.

For a clearer example, say a customer wants to get 25,000$ in the period of one year. Pacific City Bank will require him to pay $82.21 per month in order to reach his target. Paying $82.21 for 12 months will equal to $986.51. The difference of $13.48 is the interest earned for the entire year. Totaling these figures will net one the contract amount.

The difference between the two accounts is that the Plus Installments Savings Account requires another bank account in Pacific City Bank which will auto-transfer the contractual amount.

Kindly check the following table to check the APY rates you can get for a certain period of time for this money in the bank deal:

Installment Savings Account

Months APY

12   2.53%

18  2.53%

24  2.79%

30  2.79%

36  3.05%

48  3.82%

60  4.34%

Plus Installment Savings Account

Months APY

12   3.05%

18  3.05%

24  3.30%

30  3.30%

36  3.56%

48  4.34%

60  4.86%

Interested depositors will need to visit the one of the bank’s branches in order to open the account. Pacific City Bank’s branches can be found in Cerritos, Fullerton, Olympic, Rowland Heights, Torrance, Wilshire and in the Downtown LA Fashion District.

The effective APY and the interest rate when the account opened will be paid by the bank until maturity. Interests customers get are compounded daily and will appear in the account every three months. According to their site, the minimum balance once can opt to deposit every month is 1,000$. If the depositor wants to save more, they will have to set the target in multiples of 1,000$. Customers’ accounts will already be getting the agreed upon APY once their deposit in the bank reaches one month.

However, customers need to be aware that withdrawals can be disadvantageous when using these accounts. If customers withdraw money from the account before the maturity date, the bank usually forfeits a month’s worth of interest.

Pacific City Bank has moderate ratings in terms of its strength as a financial institution. BauerFinancial rates the bank with a good rating of 3.5 stars out of five while Bankrate gives it a 4 star rating. Pacific City is a member of the FDIC and operates with FDIC# 57463.