5.50% 18-Month / 5.65% 60-Month CD at a Washington Bank (Westsound)

Update 5/08/09: The bank has been closed by regulators. Please refer to this post for more details.

Westsound Bank is offering several high yield long-term certificates of deposit. These include a 5.50% APY for terms of 18 and 24 months, and a 5.65% APY for a 60-month term. The minimum to open is $500.

I contacted the service rep and was told that you have to visit a branch to open a CD. Also, I was told the early withdrawal penalty is 3 months of interest for these long-term CDs. There are branches in several Washington State cities.

The bank has been FDIC insured since 1999.

Tags: Washington, CD rates