Dedicated to Deposits: Deals, Data, and Discussion

3.10% 10-Month CD at Pacific Crest Savings Bank in Washington State - Local Only - Update


Pacific Crest Savings Bank
Pacific Crest Savings Bank is again listing a 10-month CD special with a 3.10% APY. Minimum deposit is $2,000, and there is no maximum deposit. It requires a checking account with direct deposit from payroll or Social Security. The special is listed at this promotion page as of 8/05/09. The promotion page lists the available checking accounts. There's a free checking account with no minimum balance requirements or monthly fees. The minimum opening balance is $500.

This is the same promotion that the bank was offering in April. The special ended last May, but it looks like the bank started it back up last month.

The bank also has very competitive standard CD and IRA CD rates which include a 2.25% APY 12-month CD, a 2.55% APY 24-month CD and a 3.50% APY 60-month CD. There's also a competitive tiered-rate money market account with a 1.50% APY for balances of $2K to $25K, 1.55% APY for $25K to $50K and 1.75% APY for balances over $50K. These rates are listed in the bank's rate sheet which is available at the bank's savings rates page.

I just called the bank's toll-free number, and according to the CSR, you must be a Washington State resident to apply. Also, first-time customers are required to come into their office. It's a small one-office bank located in Lynnwood, Washington which is about 15 miles north of Seattle.

The bank's ratings for safety and soundness have fallen since my April post. Its ratings are now a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Both ratings are based on 3/31/09 financial data. The bank has been a FDIC member since 1998 (FDIC Certificate # 34585).

Other Competitive Certificate of Deposit Rates

I used to call these rates high, but in today's environment there are no "high" deposit rates. These rates may not be high, but they're competitive as compared to the top rates listed at As of 8/5/09 the top nationwide 12-month CD rate listed at Bankrate is only 2.07% APY. Refer to the following pages to find other competitive CD rates:

  Tags: money market accounts, Washington, Pacific Crest Savings Bank, CD rates

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Comment #1 by Anonymous posted on
I sure wish I was a WA resident. Given today's universally low rates everywhere, a 10 month CD earning a 3.10% is extraordinarily high! Just wish I could take advantage of it.

Comment #2 by Anonymous posted on
Hassle to have to open up checking accounts with direct deposit to get these rates. I guess if you have a $100,000 it is worth it. Get $750-$1000 more in interest 3.10% vs 2.10% average for the hassle.

We have a lot of community banks in WA and OR which will not survive the next few years. This bank is in Frontier Bank territory as well FYI