Dedicated to Deposits: Deals, Data, and Discussion

5.50% 18-Month / 5.65% 60-Month CD at a WA State Bank Continues (Westsound).

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

Update 9/22/07: CD rates have gone down. Please check bank's website for latest rates.

Westsound Bank continues to offer high yield certificates of deposit. These include a 5.50% APY for terms of 18 and 24 months, a 5.35% APY for a 6-month term and a 5.65% APY for a 60-month term. The minimum to open is $500.

I first reported on this bank and these rates in February. At that time I was told by the bank's service rep 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 terms over 12 months and 30 days for terms of 12 months and under.

Branches are located in several Washington State cities. The bank has been FDIC iunsured since 1999 (FDIC Certificate # 34843).

Related Pages: Washington, CD rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Yes,need to walk in a branch to open acct. But, great penalty of only 90 days for the 5 year.

1
Comment #2 by Anonymous posted on
Anonymous
I did open 2 CDs via mail last year with notarized signatures. Though, I live in WA state in a nearby county so not sure if they will let somebody out of state open an account.

1