Wilshire Bank is still offering their Rainbow Savings and their eLINK Savings if you want to open a high yield savings account.

The Rainbow Savings account is an installment kind of savings account. You can earn from 3.82% APY to 4.34% APY if you set up an automatic transfer from a deposit account and enjoy the fixed interest rates depending on the term that you choose.

This money in the bank deal is a good option for those who really want to save on a monthly basis for their business, education, vacation, retirement, or other specific purposes.

You have to manage the Rainbow Savings account well and make sure you put in the required amount on a monthly basis so you can take advantage of the contract’s best interest rate. In case you fail to deposit 3 consecutive times to your Rainbow Savings account, this can be grounds for closure of the account or conversion to a regular savings.

There is no early withdrawal fees imposed but one downside to it is that you can lose the earnings if you close the account when they have not been credited yet.

The current interest rates for the Rainbow Savings account is dated June 8, 2009 so it will be best to call the bank first to verify the going on rates before setting this up.

Aside from the Rainbow Savings, Wilshire also offers an internet savings account called ELink Savings which has a current interest rate of 2.25% APY.

The eLINK program is specifically designed for clients who have an existing checking account with the bank. The deposit account must be linked to the existing checking account so the consumer can enjoy the best rate or else it will be just converted to a regular savings account.

Earnings for this are credited on a monthly basis. Other perks like online banking, online bills payment, telebanking, in-branch service, and ATM card come free.

Closing an eLINK savings account within the first 6 months charges a fee of $30. Like other banks Wilshire only allows 6 withdrawals per month as guided by law.