Washington Federal is offering a competitive 5-year CD rate. For a minimum deposit of $90K, it's 2.30% APY. The rate is 5 basis points lower for a $1K deposit. These rates are listed in the bank's rates page as of 9/19/2011.
When I called the bank last Thursday, I was told that the rates are typically not changed until Fridays. One downside to this 5-year CD is its early withdrawal penalty of 1 year of interest which is larger than the typical 6 months of interest.
A branch visit is required to open an account. For those who prefer opening a CD in a branch, this bank may be a good choice especially for those who live in cities like Las Vegas and Phoenix where rates are below national averages.
Washington Federal branches are located in several cities in the Western states of Arizona, Idaho, New Mexico, Nevada, Oregon, Texas, Utah and Washington. Some of the major cities include Phoenix, Tucson, Boise, Albuquerque, Las Vegas, Portland, Dallas, Salt Lake and Seattle.
Washington Federal is a sizable bank with $13.32 billion in assets. It has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 27.67% (average) based on June 2011 data. Please refer to our financial overview of Washington Federal for more details. The bank has been a FDIC member since 1935 (FDIC Certificate # 28088).
How This Rate Compares
The highest rate for a nationally available 5-year bank CD is 2.24% APY at First Internet Bank. The best rate is much higher for credit unions. The highest rate at an all-access credit union is 2.68% APY at Melrose Credit Union. These rates are accurate as of 9/19/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.