You can open all CalFirst CDs terms online. You can complete the entire application through the CalFirst website. There is also the option to apply by calling customer service or mailing in an application.

The shorter-term CDs offer more competitive rates than long-term CDs. The rates are more competitive with online CDs than long-term CDs. The short-term CDs include a three month and six-month term.

Customers can choose how to receive interest payments. You can have the money credited to your CD or another CalFirst account. You can have the money transferred into another bank account, or have the interest mailed to you in a check. Interest will credit to your account monthly.

Customers can choose how to receive interest payments. You can have the money credited to your CD or another CalFirst account. You can have the money transferred into another bank account, or have the interest mailed to you in a check. Interest will credit to your account monthly.

The initial amount required to open CalFirst CDs is high. Each of the standard CD terms requires $5,000 to open. You must keep that amount in the CD to earn interest. To open IRA CDs and earn interest requires a balance of $2,000.

There is a limited amount of CD terms offered through CalFirst. There are five CD terms available. Those terms range from three months to three years. CalFirst provides CD terms as standard CDs or IRA CDs. All terms can be opened online.

CalFirst CD interest rates are low. They are not competitive with online CD rates. These rates are competitive with typical bank rates. CalFirst rates are not tiered. Any balance over the opening amounts earns the rates listed on the website.

There are only two early withdrawal fees for CalFirst CDs. For terms less than one year, the fee is 90-days of interest. For CD terms 12-months or longer, the fee is 180-days of interest. If you withdraw money early, you must pay that amount of interest even if you have not earned it.

Read the full California First National Bank review.

The set amount required to open State Farm Bank CDs is low. Each regular CD term only requires $500 to open. You must keep $500 in the CD to earn interest. State Farm Bank offers personal deposit CDs and business CDs. The required amount is the same for business and personal CDs. To open a jumbo CD requires $100,000 to open.

State Farm Bank offers a good variety of CD terms. They offer CDs specific to personal deposit and business CDs. There are six different CD term lengths for personal deposits as well as business CDs. The terms range from 12-months to 60-months. State Farm Bank also offer jumbo CDs in the same terms as regular CDs.

The interest rates for State Farm Bank CDs are competitive. They are competitive with other online CDs. All the CD terms offer rates competitive with other online CDs of the same term length. The rates of State Farm Bank CDs are much higher than typical bank interest rates. You must keep $500 in the regular CDs and $100,000 in the jumbo CDs to earn interest.

State Farm Bank CDs can be opened online. You can fund your account by linking an external account to your State Farm CDs. Once you are approved for an account, your account is completely online. You can view everything for your State Farm accounts online or on their mobile app.

State Farm Bank does not offer CD terms shorter than 12-months. They do not offer a three, six, or nine-month CD terms. The shortest terms available is the 12-month term. This term is available as a personal deposit CD as well as a business CD term.

State Farm Bank does not offer an interest rate guarantee. If you open a CD with State Farm and the interest rates increase soon after, your rate does not increase. The interest rate on the day you open your CD is the rate you receive for the entire CD term.

All State Farm Bank CDs have a fee if you withdraw money before the CD reaches maturity. The penalty for early withdrawals is high. If you withdraw money from a CD term between 12 and 23 months, the fee is 180 days of interest. For terms from 24 to 47 months, the fee is 365 days of interest. The fee is 545 days of interest if you withdraw money early from CD terms for longer than 48 months. There is also a minimum withdrawal penalty of $25 if your fee does not total more than that.

State Farm Bank offers jumbo CDs. To open a jumbo CD requires an opening balance of $100,000. The interest rates for the jumbo CDs are the same as the regular CD rates. These CDs do not offer interest rates any higher than the other CD rates. Jumbo CDs are available in personal deposit accounts and business accounts.

Read the full State Farm Bank review.