Dedicated to Deposits: Deals, Data, and Discussion

2.89% 7-Month CD & 3.05% Money Market at Raymond Federal Bank in Washington State - Local Only

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Raymond Federal Bank
Update 5/19/09: The rates have fallen. Please check the bank's website for the latest rates.

Raymond Federal Bank continues to offer competitive CD specials. The latest ones include a 7-month and 30-month CD. The 7-month CD yields range from 2.79% APY for a $100 minimum deposit to 2.94% APY for a $50,000 minimum. The 30-month CD yields range from 3.10% APY for a $100 minimum deposit to 3.25% APY for a $50,000 minimum. CDs are also available in an IRA.

The bank also has an attractive rate on its Premier Plus Money Market account. The current rate is 3.05% APY. Minimum to open and earn this interest is $20,000. The rate falls to 1.01% for balances under $20,000.

These rates are listed in the bank's rate table as of 5/06/09.

The bank appears to require a branch visit to open accounts. Branches are located in the Washington State cities of Raymond, Long Beach and South Bend.

I last reported on this bank in early April when it was offering a 3.14% 16-month CD. I must have missed the money market account.

Raymond Federal Bank has strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/08 financial data. The bank has been FDIC insured since 1934 (FDIC Certificate # 28266).

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: money market accounts, Washington, CD rates, Raymond Federal Bank

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
This offer is micro-local, if there is such a word. After waiting 3 days to get a response to my e-mail, this is what they sent (I live in King County):
"Due to bank policy you must live in Pacific or one of the adjacent counties. As you have stated that you do not live in this area, I’m very sorry but I will not be able to open up an account for you at this time."

Kind of makes me wonder why the bank would include "federal" in its name. Oh well.

Some more bits of information in response to my inquiry:
"You must come into one of our branches to open an acct. We do not open accts by phone, internet or mail.

You must bring in a cashier’s check, payroll check or cash for your opening deposit."

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read that they're so restrictive.

1