Banking and Finance : Far West Offers High-Interest CDs for Unusually Low Minimum Deposit

Rolling out the first new product of its centennial year, FarWest Savings & Loan is offering a certificate of deposit that pays an unusually high interest rate for an unusually low minimum deposit.

The Newport Beach savings institution is letting customers open a 100-day CD for as little as $100 and earn an annualized yield of 8.44%, one of the highest rates among S&Ls; in Southern California.

Terms of CDs typically mature at such intervals as 1, 2, 3, 6, 9 and 12 months, and minimum deposits are usually $1,000 or more to earn such rates.

To make it even easier to deposit funds, customers can call FarWest’s toll-free telephone number and arrange to open a CD by mail.

FarWest, which recently changed its name from Far West, expects to offer the 100-day CD throughout its centennial and to introduce new products throughout the year, said Cheryl Rastetter, vice president for marketing.

The S&L;, which turns 100 in June, has 30 savings branches and $4.5 billion in assets.

Compiled by James S. Granelli, Times staff writer