The United Central Bank, a financial institution with both offline and online capabilities, offers a variety of banking products with industry competitive rates, from money market accounts to certificate of deposits and installment savings accounts. Some of the rates have dropped a bit from May’s published rates, however they are still competitive with most of the banks offering the same products.

As of June 2009, the following competitive rates are in effect for the following United Central Bank deposit products:

• Certificate of Deposits: a 12 month Certificate of Deposit offers 2.4%. 6 month CD offers 2.15%.
• Super Saver Installment Certificate of Deposit: 1 to 5 years is 3.30%
• Global Savings Account: $25,000 to $50,000 offers 2%; while a $50,000 or more is 2.5%
• Global Money Market Account: $5,000 to $75,000 is 2.39%, while deposits over $75,000 and up to a maximum of $300,000 receive 2.59%

Certificate of Deposits are available as IRAs for terms that are 12 months and longer.

There is an online application which is available to anyone in the United States which can be used to open some of the accounts online, instead of finding a physical bank branch. Unfortunately, not all products can be opened using the online application at this time, but the list is growing. The online application can currently be used to open a Global Money Market Account, a 12 month IRA Certificate of Deposit, and a 12 or 36 month Certificate of Deposit.. The website does not provide a full list of funding options for opening and funding new accounts, and a customer service representative wasn’t very knowledgeable of the topic either. The customer service representative said you can write a check to fund or open an account with United Central Bank,, but that she wasn’t sure if you could fund them electronically or not. Once you fill out the online application, you receive an email with instructions for funding the account.

United Central Bank also offers small business loan programs, business banking, and free bill pay.
You can also open a United Central Bank account at any of their branches, if you prefer to open your bank accounts in person rather than over the internet. There are United Central Bank branches located in select cities within Texas, California, Virgina, Georgia and Maryland. BaeurFinancial gave the bank 3.5 stars in May 2009, while Bankrate gave the bank 3 stars in December of 2008. United Central Bank is a FDIC member, since 1984.

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This entry was posted on Sunday, June 28th, 2009 at 8:23 am and is filed under reviews. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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