Kaiser Federal Bank Rates & Review

Kaiser Federal Bank Review

Kaiser Federal Bank has nine branches in California. It offers consumers a range of savings and checking accounts.

Kaiser Federal Bank started out in 1953 as a credit union, but became a mutual savings association in 1999. In May 2010, its board of directors voted--subject to regulatory approval--to undergo a "second-step" conversion that would see it lose its mutual status and become a wholly-owned subsidiary of Kaiser Federal Financial Group Inc.

On June 30, 2010, it had total assets of $864 million, 102 employees, and nine branches, and numerous ATMs in Southern California, Northern California and San Diego. It specializes in the consumer market, and has no business products.

Savings account showdown

Kaiser Federal Bank has four traditional deposit accounts, including an IRA Savings account, and of these its best bank savings rates are often paid to those with a Holiday Club account. But the bank's Super Savings IRA and Dream Savings account can beat the Holiday Club's rate for those with very substantial deposits.

There are four money market accounts, and the bank's best money market rates are currently earned on its Money Market Saver V account. A substantial minimum balance is required to receive these high yields.

Highest savings account rates: CDs

As is usual, the very best bank interest rates are reserved for CDs, and at the time of writing any deposit that is locked in for more than a year receives more interest than savings in any other account. There are two CD products: the standard one (which offers terms ranging from 90 days to five years), and IRA Fixed Rate Certificates of Deposit. The latter requires a lower minimum deposit.

Checking account

Kaiser Federal Bank's sole checking account pays no interest but has no monthly fees and doesn't charge for many services that some other banks don't provide for free.

Deposit insurance

Kaiser Federal Bank is a member bank of the Federal Deposit Insurance Corporation. The temporary increase in FDIC coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are FDIC-insured up to at least $250,000 per depositor. Joint accounts are FDIC-insured up to at least $250,000 per account holder.

Compare savings account rates from Kaiser Federal Bank and more than 400 other banks at SavingsAccounts.com.