Do you need this money anytime soon? At the current time, you can get the same if not better rate from those online saving accounts like GMAC, due to inverse/flat yield curve.
Check http://www.bankrate.com for options depending on the length of time you have available for the funds to mature.
Locally, I have seen good rates with World Savings, Imperial Capital Bank, and Indymac (in LA). There are slightly higher CD rates out of state (Corus Bank for one, Ascencia for another) but do factor in travel time to get the cash out – most banks won’t return the money electronically and it may take a week to get the check in the mail, and then you have to wait another ten days for the check to clear.
It may not sound like much, but 20 days for your money not to be making interest can be a lot, depending on how much money you have to invest.
Why would you look at CD as opposed to byying Califonia tax free Muni Bond Funds. You Could buy Long short a Medium term funds which would help provide safety and income. If you aggregate your purchase with one Mutual Fund Compnay you can avaoid many of the Fees aswell. The American Funds has has a solid Track record as a Family of funds.
Buy US Treasurys at Treasury Direct. You get better than CD rates, you can do it from home, and you pay no fees and not state taxes. Maturities are from 4 weeks to 3 years.
.
