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First Financial NW Bank 18-Month Add-On CD Has Rate-Leading APY

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UPDATE 4/20/2023: Only available in Washington State.

Deal Summary: 18-month Add-On CD Special, 5.00% APY ($100k+) or 4.75% APY ($25k+), unlimited additional deposits ($1 minimum).

Availability: Nationwide Washington State

Washington-based First Financial Northwest Bank (FFNB) has significantly increased the rates on its 18-month Add-On CD Special to 5.00% APY ($100k+) and 4.75% APY ($25k+). Following a 225 bps rate increase, the 18-month Add-On CD Special has the highest APY currently offered on any nationally available add-on CD.

According to the Information and Disclosure page,

Add-on Feature – You may make deposits to the 18-month term. The minimum deposit is $1.00 and there is no maximum amount that can be added.

FFNB official confirmed there is no limit on the number of additional deposits that can be made.

As stated on the Information and Disclosure page, the Early Withdrawal Penalty reads as follows:

The penalty is calculated based on the amount withdrawn and will be equal to 90 days’ simple interest for terms of 12 months or less,180 days’ simple interest for terms of greater than 12 months but less than 48 months, and for a term of 48 or 60 months will be 365 days’ simple interest.

Availability

Headquartered in Renton, Washington, First Financial Northwest Bank has a brick-and-mortar presence in the greater Seattle metropolitan area, but also offers its product line to all U.S. citizens and resident aliens who have a valid Social Security number.

Opening an 18-month Add-On CD Special can be done online, or at any of 15 full-service Washington branches located in Bellevue, Bothell, Edmonds, Gig Harbor, Issaquah, Kent, Kirkland, Lake Stevens, Marysville, Mill Creek, Renton (2), Snohomish, University Place, and Woodinville.

Account Opening

Funding and Other Details

The following information is from the FFNB website and a conversation with an FFNB official.

  • Funding – ACH, wire, check, internal transfer.
  • Interest – Compounded daily/credited monthly and can be withdrawn without penalty.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to checking or savings account.
  • Ownership – Individual and joint accounts can be opened online, as can accounts in the name of a trust.
  • Beneficiaries – Unlimited with equal shares; Social Security numbers are not required.
  • Grace Period – 10 calendar days before automatic renewal for same term length.
  • Credit Check – ChexSystems.

Bank Overview

First Financial Northwest Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.12% (excellent) based on December 31, 2022 data. FFNB has an excellent capitalization level (11.02%), the result of holding $1.5 billion in assets with $165.6 million in equity. Please refer to our financial overview of First Financial Northwest Bank (FDIC Certificate # 29058) for more details.

Established in 1923 as the First Federal Savings and Loan Association, First Financial Northwest Bank is currently the 15the largest bank headquartered in Washington State. Beginning in 1991, a series of four name changes occurred, with the First Financial Northwest Bank re-brand in 2015. FFNB expanded its Seattle metro area footprint in July 2017 by purchasing four Opus Bank branches in King and Snohomish Counties, assuming an approximate $102 million in deposits.

A January 2023 press release announced an 8.3% increase in its quarterly cash dividend.

First Financial Northwest, Inc. (the “Company”) (NASDAQ GS: FFNW), the holding company for First Financial Northwest Bank (the “Bank”), today announced that its Board of Directors has declared a quarterly cash dividend of $0.13 per share on the Company’s outstanding common stock, a $0.01 increase from the prior quarter. The cash dividend will be payable on March 24, 2023, to shareholders of record on March 14, 2023.

How the 18-Month Add-On CD Special Compares

When compared to the nationally available Add-On CDs tracked by DepositAccounts.com, the First Financial Northwest Bank 18-Month Add-On CD Special APY currently ranks first, regardless of term length or required minimum deposit.

The above information and rates are accurate as of 4/14/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Seattle CD rates, 1-year CD rates, nationwide deals



First Financial Northwest Bank Ups 60-Month CD
Comments
POSTED ON MONDAY, AUGUST 13, 2018 BY KEN TUMIN

UPDATE 9/20/18: The 60-month CD rates have fallen: 3.30% APY, $100k minimum; 3.15% APY, $25k minimum.

Deal Summary: CDs – 36-month (3.10% APY), 48-month (3.25% APY), 60-month (3.50% APY), $100k minimum. $25k minimum deposit earns APYs 25 bps lower.

Availability: Nationwide

Last week, First Financial Northwest Bank (FFNB) raised the rates on all its CDs, with the long-term CDs having the most competitive rates. FFNB CDs have tiered APYs, based on four deposit levels: $1k, $5k, $25k, and $100k. The APYs listed below are for...

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First Financial Northwest Bank Ups 48-Month CD Rate
Comments
POSTED ON FRIDAY, JUNE 15, 2018 BY KEN TUMIN
Deal Summary: 48-month CD, 3.00% APY ($100k+), 2.50% APY ($25k+)

Availability: Nationwide

Last week, First Financial Northwest Bank (FFNB) raised the rate on its 48-month CD to 3.00% APY for deposits of $100k+. The three other tiered APYs are really not competitive; there are more than 20 banks and credit unions offering nationally available 4-year CDs at higher rates than the 2.50% APY ($25k+). The minimum deposit to earn the 3.00% APY is $100k and there is no stated balance cap.

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Competitive 18-Month Add-On CD and Savings Account at First Savings Bank Northwest in WA - Available Nationwide
Comments
POSTED ON THURSDAY, JULY 8, 2010 BY KEN TUMIN

First Savings Bank Northwest is offering competitive rates on a special 18-month CD and its Statement Savings Account. The special CD is called the "Grow with Us" CD. It has an 18-month term with a 1.69% APY. Minimum deposit is $500. The nice thing about this CD is that it allows unlimited add-on deposits at any time. Another perk is that it allows a one-time bump up in the rate if rates go up. The early withdrawal penalty is 3 months of interest. The CD rate is listed at the...

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2.88% 18-Month Add-On CD and Other Competitive Rates at First Savings Bank Northwest in WA
Comments
POSTED ON MONDAY, MAY 11, 2009 BY KEN TUMIN
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....

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