Top 5-Year CD Rate Continues at Washington Federal in Western States
Washington Federal continues to offer a competitive 5-year CD rate. For a minimum deposit of $90K, it's 2.30% APY. The 3-year and 4-year CD rates are also competitive: 1.55% APY for 3 years and 1.80% APY for 4 years. The rates are 5 basis points lower for a $1K deposit. These rates are listed in the bank's rates page as of 12/07/2011.
I first reported on this deal in September. When I called the bank in September, 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 $13.45 billion in assets. It has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 24.43% (average) based on September 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
Washington Federal's 5-year CD rates have become more competitive as the 5-year CD rates of other banks have fallen. For example, Ally Bank's 5-year CD rate has fallen from 2.11% APY in September to 1.84% APY today. The highest 5-year CD rate that's nationally available at a bank is 2.25% APY (special 59-month term) at US Bank. The highest rate at an all-access credit union is 2.68% APY at Melrose Credit Union. These rates are accurate as of 12/07/2011.
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.