Centennial Bank is currently offering competitive APYs on their tiered savings account. This savings account is available nationwide, although it might not be as accessible to some states because the account lacks internet access. As of 02/25/09, the account yields up to 3.30% annually for balances of $100,000 and above.

The lower brackets of the tier also have competitive rates: 3.05% APY for balances of $50,000-$99,999.99; 2.79% APY for balances of $25,000-$49,999.99; 2.53% APY for balances of $10,000-$24,999.99; and 2.28% APY for balances of $500-$9,999.99. This is among the best high yield savings account offered in the market today.

To open this account, you need to put in an initial minimum deposit of $500. There are no monthly fees charged if your balance goes below $500, but your balance won’t earn any interest either unless it reaches the respective tiers.

According to the account disclosure, the savings account limits the holder up to 4 free withdrawals in a month. The 5thand 6th withdrawals will be charged a $5 fee. Following the federal guidelines, only 6 withdrawals are legally allowed in a month.

The interest for this account is compounded daily and credited at the end of every monthly banking cycle. Once the account is closed, the depositor will receive an accrued interest rate.

This high interest savings account is available nationwide, but it might be costly to access. The Centennial Bank is a one-office bank in Fountain Valley, California. As we’ve said earlier, there are no websites available for this banking account. Transactions will have to be carried out through wiring services. This costs $35 per transaction.

Withdrawals may not be done through ATM either. Withdrawals and other transactions for this bank will have to be done mail requests or fax. The account is also not ACH capable, and the Centennial Bank also doesn’t allow ACH services through other banks.

On the plus side, this account has no monthly charges, and the Centennial Bank has maintained a reputation for competitively high rates. They also have high ratings for safety and soundness: it scored four stars (sound) at Bankrate.com and four stars (excellent) at BauerFinancial.

If you’re looking for a stable bank which gives fairly high yields throughout the year, this is probably a good banking deal for you. If you’re looking for accessibility, however, this account can cost you more money than you’ve bargained for.

The Centennial Bank had been FDIC insured since 1989 under certificate #32707. It has 27 employees, a total of $708.5 M deposits, and $872.9 M of assets.