While the yields for the high interest savings account with Wilshire State’s Bank dropped last November, the savings interest rates have been steady since then. This is good news for those of you who have been meaning to open a Rainbow Savings Account.

For those of you who don’t know, the Rainbow Savings Account is a rare installment high yield savings account which allows holders to deposit equal amounts of money every month instead of one initial big deposit to qualify for the yields (unlike the CD). This is applicable for one term (depending on the account owner’s choice) and the only disadvantage is that it’s a tiered account.

A CD account has the advantage of having a fixed yield for the entire term. The APY of the Rainbow Savings Account will depend on how old your account is, and if you were a religious depositor. This also means that you assume automatic transfer of your salary to the state bank every month.

The current interest rates are as follows: 3.05% APY for 12 and 18 months; 3.30% APY for 24 and 30 months; and 3.82% APY for 36 months. In other words, you get the maximum benefit if you choose to sign up for a three-year term. The equivalent CD rates are lower by about 1% APY. The maximum balance for this installment savings account is $100,000. The online application database for this account can be accessed nationwide.

For those who must know the safety and security ratings of the bank, they received 4 stars from BauerFinancial and 3 stars from Bankrate.com. The bank has also been a member of the FDIC since 1980 FDIC Certificate number 23301.