5.00% 60-Month / 4.00% 24-Month CD at a New England Bank (Webster).
Jul 12, 2008 - 1:00 PM by Ken Tumin
Webster Bank is offering some competitive long-term CD rates. These include a 5.00% APY 5-year CD, a 4.25% APY 3-year CD and a 4.00% APY 2-year CD. A checking account is required. The minimum deposit is $1,000.
I last reported on this bank in February when they were offering a $100 checking account bonus. When I contacted the bank for that promo, I was told that people in any state can apply online. There are "open" buttons on the CD rate table that link to an online application, but I would recommend verifying with the bank that they do accept out-of-state deposits for their CDs. Also, I recommend verifying the rates since a note at the bottom of the table states that rates may vary by state and region.
Branches are located in Connecticut, Massachusetts, Rhode Island and in Westchester County, New York. The bank is FDIC insured (FDIC Certificate # 18221). It's a fairly large bank with $17.1 billion in assets. BauerFinancial gives the bank 4 stars (excellent) based on 3/31/08 data.
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Anonymous - #1, Sunday, June 15, 2008 - 8:58 PM
Early CD withdrawal penalty details, from the bank's website:
"An early withdrawal penalty is applied for withdrawals of the principal prior to the maturity date (minimum penalty of $25.)
Withdrawal on one year or less terms equals 3 months of interest on the amount of the principal withdrawn.
Penalty for early withdrawal for terms longer than one year is equal to 6 months interest on the amount of the principal withdrawn."
Anonymous - #2, Friday, June 27, 2008 - 5:38 PM
I opened a 10K cd today, in person. very pleasant CSR's & very pleasant surprises. If you open a checking account of any kind - which you must do to open a CD - you receive a 'present' of your choice. (I got a garden set.) Dunno how long this promo will last.
If you sign up & use their visa debit card you'll receive 'points' redeemable for $ or goods; its easy to get an extra $25 to $100 fairly quickly by paying a few bills online, direct deposit, etc.
They have ATM's at all the Walgreens here in MA & also support ACH pushes/pulls making funding easy.
Anonymous - #3, Friday, June 27, 2008 - 5:39 PM
I forgot to add:
I was also told that early penalty withdrawal was only 3 months even on a 5 year CD - and I asked twice to make sure I heard correctly.
Banking Guy (anonymous) - #4, Friday, June 27, 2008 - 6:11 PM
Thanks for the info. The 3-mo penalty is nice for a 5-year CD.
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