With a Rainbow Savings Plan for 36 months at Wilshire State Bank, you can earn up to 2.79% APY.
This Wilshire State Bank plan requires you to select a goal of $20,000, $10,000, $5,000 or $1,000. Then determine a time frame in which you intend to reach that goal. The bank allows you to choose between 12 and 36 months for this.
Each month, deposit a set amount into the plan. After the last payment has been made to the Rainbow Savings Plan, you can retrieve the total amount. This will be inclusive of your monthly deposits and the interest earned on them.
The interest rate is contingent on the duration of your Rainbow Savings Plan. The longer it is, the better the rates. In addition, the manner in which the payments were made will also be considered.
When you use a checking account at Wilshire State Bank to take out the money, you will get almost 1/4th point more, than if you use an account at another bank and have the money automatically removed. With the former you will get 2.79% APY on a 36 month plan and with the latter, 1.77% APY on a 12 month plan.