Dedicated to Deposits: Deals, Data, and Discussion

5.13% 24-Month CD at a Washington State Bank (Westsound).


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

Westsound Bank has several high rates on its certificates of deposit. The highest yield is 5.13% APY for terms of 18 and 24 months. CDs with terms from 60 days to 1 year have a yield of 5.00% APY. CDs with terms of 3 and 5 year have a yield of 4.92% APY. Minimum to open and earn APY is $500 ($100 for IRA accounts).

I first reported on this bank last February when it had rates up to 5.50%. At that time I was told by the bank's service rep that you have to come into 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 (Certificate # 34843).

  Tags: Washington, CD rates, IRA rates

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