2.88% 18-Month Add-On CD and Other Competitive Rates at First Savings Bank Northwest in WA

First Savings Bank Northwest is offering competitive rates on its CDs and money market account. The best CD deal is its Grow With Us CD which offers a 2.88% APY for an 18-month term. Minimum deposit is $500. It has an add-on feature that allows additional deposits at any time. .

Another competitive CD rate is its 36-month CD which has a 3.46% APY. All of the bank's CDs with terms of 12 to 48 months offer a once-annual bump option. If rates go up, you can receive a rate increase. Another nice feature is that the long-term CDs only have a 3-month early withdrawal penalty. Refer to the bank's disclosure page for the full details.

These rates are listed at the bank's rates page as of 5/10/09 and are effective through 5/13/09.

Their Treasury Indexed Money Market Account is also a good deal. With very low Treasury rates, there's currently no benefit for indexing rates to Treasury Bills. However, it has an interest rate floor of 2.00% (2.02% APY) which makes for a competitive money market rate. Minimum balance to open and earn this rate is $5,000. There's a $6/month service charge if the balance drops below $1,000 during the statement period. The first 40 standard printed checks are free. The 2.00% interest rate floor is as of 5/10/09 and is subject to change. Refer to the bottom of the bank's disclosure for the full details.

The bank has an online application that is intended to be printed and mailed with your check and copy of your driver's license. It appears they may accept out-of-state applications. I've sent an email to confirm. Update 5/11/09: A bank official replied and said that these CDs are available nationwide. Only business account applicants are required to be Washington State residents.

First Savings is located in Renton, Washington which is in the suburbs of Seattle.

The bank has fair ratings for safety and soundness: 3 stars (performing) at Bankrate.com and 3.5 stars (good) at BauerFinancial. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1935 (FDIC Certificate # 29058).

Thanks to the reader who emailed me news of this bank.

Tags: money market accounts, Bank of Washington, CD rates, First Savings Bank Northwest