Dedicated to Deposits: Deals, Data, and Discussion

3.83% Money Market Account Guaranteed Through Aug 2009 at Anchor Bank in Washington State


Update 2/28/09: A reader has reported that the bank will stop accepting new deposits in this account after 2/28/09.

Anchor Bank has a money market promotion with a 3.83% APY. The rate is guaranteed through 8/31/09 on new deposits of at least $10,000. Minimum deposit to open is $11,000. Account has no monthly fees. This offer is listed on the bank's home page as of 2/11/09.

This is roughly a 6-month guarantee period with a very competitive rate. If this were just a 6-month CD, the rate would be excellent, but with this money market promotion you have the rate lock of a CD combined with the liquidity of a savings account. It's definitely a great deal. The bad news is that it's not a nationwide deal.

A branch visit is required to open the account. Branches are located in several Washington State cities including Vancouver, Elma, Covington, Poulsbo, Centralia, Shelton, Lakewood, Lacey and Olympia.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1935 (FDIC Certificate # 28454).

Credit for this find goes to FW member jakeru who posted it on this FW thread.

  Tags: money market accounts, Washington

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Comment #1 by Anonymous posted on
Yes, if I lived close enough to drive to one of their branches, I would sign up for this great rate.

If the promotion ended today, you would get 2.75%. (Of course, no one knows what their rate will be at the end of August.)

Comment #2 by Anonymous posted on
Sounds like a sweet deal on the surface. But the first $1k goes into their "standard" Navigator account, currently getting 1.01%. The $10k gets the 3.83%, but if you drop below $10k, the rate falls to the standard. Also, from talking with the CSR, it sounds like funds in this special account would not be available through their online banking, making it a harder to access them. In sum, seems like a money market with features of a CD. Still, might be worth it if you had a decent chunk of change to park for 6 months.

Comment #3 by Anonymous posted on
Does anyone know if they do a hard credit pull?

Comment #4 by Anonymous posted on
I talked to the bank CSR today. They do not do any credit pull. This special rate will last until end of Feb. possibly into early March.