BANKING/FINANCE : Fountain Valley’s Beach Savings Keeps Top Ratings in Both High Yield, Safety
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Beach Savings Bank in Fountain Valley continues to rank among the highest-paying and safest financial institutions in the nation, according to a national trade periodical.
American Banker lists Beach’s 8.85% yield on six-month certificates of deposit as the fourth highest in the nation based on a survey by Bank Rate Monitor in North Palm Beach, Fla.
Among the top five, the small, one-branch thrift was the only one with a three-star rating, the highest given by Veribanc Inc., a Wakefield, Mass., firm that evaluates financial condition.
With a 9% yield, giant Columbia Savings & Loan ranked first on six-month CDs and fourth on one-year CDs, but Columbia’s health is in doubt because of losses in its huge portfolio of junk bonds.
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