Business Bank is offering a special 4.00% APY 13-month CD. Minimum deposit is $500, and the maximum is $95,000. This special doesn't seem to be listed on the bank's website. I received information on this special from a banking rep's email. I had contacted the bank yesterday asking about their high standard rates listed in their CD rate table. The standard CD rates are very competitive, but the date at the bottom of the table is August 2008. According to the banking rep, most of these rates are still available as of 2/05/09. Some of the most competitive include a 3.05% APY 6-month CD, a 3.30% APY 9-month CD, a 3.50% APY 12-month CD, a 3.60% APY 18-month CD and a 3.70% A PY 24-month CD. Minimum deposit is $50,000. Lower rates are available for smaller deposits.
New customers are required to come into a branch to establish an account. Branches are located in the Washington State cities of Bellingham, Lynden, Mount Vernon, and Burlington.
Business Bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 2005 (FDIC Certificate # 57978).