Dedicated to Deposits: Deals, Data, and Discussion

4.10% 24-Month CD at a Washington State Bank (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 3/15/08: The CD rates have fallen. Please check the bank's website for the latest rates.
Update 2/16/08: The CD rates have gone down. The 24-month CD yield has fallen from 4.85% to 4.10% APY. Please see the bank's website for the latest rates. The title has been changed to reflect this change.

Westsound Bank continues to have high rates on its certificates of deposit. The highest yield is 4.85% APY for terms of 18 and 24 months. Westsound also has competitive rates on its 6 and 12 month CDs (4.70% APY) and its 3 and 5 year CDs (4.65% APY). Minimum deposit is $500 ($100 for IRA accounts). The rate table has a date of 2/13/08, so hopefully these rates will last for a while. These rates are down from my report in January when the top yield was 5.13%.

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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