Dedicated to Deposits: Deals, Data, and Discussion

2.80% 7-Month CD & 2.95% 14-Month CD at Far West Bank - UT Only (lower rates in WA & ID)

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Far West Bank is offering two competitive CD specials: a 2.80% APY 7-month CD and a 2.95% APY 14-month CD. Minimum deposit is $1,000. It's available for consumer and business accounts, and it's available as an IRA. The 14-month CD has a one-time bump option which gives you the option to raise the CD rate during the term to their current 12-month regular CD rate (bump-up option is often not useful). These rates are listed at the bank's promotions page as of the morning of 3/24/09.

The bank is also offering an OptionsPlus 12-month CD which allows unlimited deposits of $100 or more, two penalty-free withdrawals and one bump option. They don't list the rate, so I have a feeling it's not too competitive. If you find out the rate, please leave a comment.

When I last contacted this bank I was told you have to live near their market area to open an account. They have branches throughout Utah.

Far West Bank is a division of AmericanWest Bank which has branches in Washington State and Idaho. AmericanWest Bank has a similar promotion but the rates are 40 basis points lower (2.40% for 7 months and 2.55% for 14 months). These rates are listed as of 3/24/09.

AmericanWest Bank's financial ratings for soundness are weak: 1 star (troubled) at BauerFinancial (based on 12/31/08 data) and 1 star (lowest) at Bankrate.com (based on 9/30/08 data). The bank has been FDIC insured since 1977 (FDIC Certificate # 22441).

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

  Tags: Washington, AmericanWest Bank, Utah, Idaho, CD rates, IRA rates

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