Washington Deposit Account Rates and Deals

Columbia Credit Union is offering a $250 bonus for opening and activating a new Columbia checking account. The offer is listed at the credit union's promotions page as of 8/27/2010. The small print states:

$250 Checking Open new personal Columbia checking and complete all required activity by the last day of the Review Period (three statement cycles including month checking was opened). One checking award per member. Not available to members or signers on any Columbia checking held anytime in the past 12 mos. or currently open. Award is considered interest and will be reported on IRS form 1099-INT.

They don't state the required activity. However, they do state what is required for an active checking account. An active checking account is required to receive their other bonuses for a loan or mortgage. Here is what the small print states regarding an active checking:

Active checking is 1) enroll in free e-statements; 2) make at least two (2) deposits of at least $100 each; 3) make at least six (6) debit card purchases; 4) enroll in free Personal Online Banking and Bill Pay and pay at least two bills; 5) checking is not overdrawn.

Credit for this find goes to FW member juggler451 who posted it at this FW thread. A reader on that thread confirmed that the credit union requires new members to visit a branch in person. Also, he reported being told there's no hard credit inquiry for the checking, and the offer is scheduled to last until 10/31/2010.

Membership is open to anyone who lives or works in Washington State or in Jantzen Beach or Hayden Island, Oregon. Please refer to the credit union's Membership Page for the full details. Membership requires a $5 fee and a minimum balance of $5 in the savings account.

Branches are located in the Washington cities of Vancouver, Battle Ground, Ridgefield and Washougal.

Columbia Credit Union has an overall health score of 3 out of 5 and a Texas Ratio of 41.74% at DepositAccounts.com (see our financial overview of Columbia Credit Union). These ratings are based on June 2010 data. The credit union is federally insured by the NCU (Charter # 68186).

First Heritage Bank is offering CD specials and a checking account bonus. First, the CD specials include a 2.20% APY 27-month CD and a 1.61% APY 13-month CD. Minimum deposit is $500. These CD rates are listed at the CD promotion page as of 8/23/2010.

The checking account promotion is a $50 bonus for opening a checking account and for setting up an automatic deposit or withdrawal within 90 days of account opening. According to the promotion rules, funds will be paid out after the account has been open 90 consecutive days and an automatic deposit or withdrawal has occurred. Minimum opening deposit is $100, and there are no minimum balance requirements.

It appears that a branch visit is required to open an account. Branches are located in the Washington State cities of Snohomish, Monroe, Marysville, Arlington, Everett and Woodinville.

The bank's ratings for safety and soundness are weak: 0 stars (lowest) at BauerFinancial, 1 star (lowest) at Bankrate.com and an overall health score of 1 out of 5 at DepositAccounts.com (see our financial review of First Heritage Bank). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1982 (FDIC Certificate # 23626).

Searching for the Best CD Rates and Bank Bonuses

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.

To find other bonus deals at other banks, please refer to the bank bonus page which has all of my recent bank bonus blog posts. There are also additional bonuses listed in the checking account deals forum.

Umpqua Bank is offering two special CDs and a money market deal as part of a summer sale. There are actually two sales. The one with the best rates is scheduled to end August 6, 2010. Here's the link to this sale. The two CDs include a 1.85% APY 13-month CD and a 2.60% APY 36-month CD. Minimum deposit is $5K. These same CDs are also available in an IRA with smaller minimum deposit requirements. The early withdrawal penalty is 180 days of interest on the amount withdrawn. A checking account is required.

Money Market Promo

The money market account has a rate of 1.60% APY on balances up to $10K, and the rate is guaranteed to 12/31/10. Balances under $10K earn 0.70%. After the promo period the rate will revert to the standard rate. The standard rate is a tiered rate that's indexed to the 90-day T-Bill rate. However, the minimum rate is 0.50% and the maximum is 8.50%. Minimum deposit to avoid a $10/month fee is $1,000. A checking account is required.

The Other Sale

There's also another sale that's scheduled to last until August 31, 2010. It has the same CDs and money market account as above, but the rates are 10 basis points lower. Also, the CDs have a minimum deposit requirement of $10K. Here's the link to this sale. One plus is that this promo page allows you to open the accounts online.

High-Yield Reward Checking Account

Both sales also have other offers, but I don't see any that are notable for savers. One is a reward checking account, HIP Checking, that pays 2.00% APY on balances up to $25K. It has the typical reward checking requirements, and it has no monthly fees or minimum balance requirements. The rate is low for a reward checking account, but it would be a good account to meet the checking requirement for the CD or money market promo.

Online Application But Only for WA, OR & CA

For the sale with the lower rates that continues through August, there's an online application, however, on the second page of the application, you must select a zip code in Washington State, Oregon or California. Not all zip codes in these states are included. For those who can't find their zip code listed, it has the following note:

If your zip code is not listed above, it's probably because you're outside of our service footprint, and we cannot open an account for you.

Comparison to Last Year

Umpqua Bank had a similar promotion last year at this time, but the rates were higher: 2.50% for the 13-month CD and 2.00% for the money market promo. It's another example of how rates have declined over the last year.

Bank Overview

Umpqua Bank Branches are located mostly in Northern California and in Oregon with a few branches in Washington State.

Umpqua Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com, 3½ stars (good) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our Umpqua Bank Reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1953 (FDIC Certificate # 17266).

Thanks to the reader who emailed me news of this sale.

Bank of the West has another $100 checking account bonus. This new bonus is scheduled to last until 8/20/2010, and like the last one it allows either direct deposit of at least $250 or 10 online bill payments. The details are listed in the bank's promotion page. Below is the promotion's small print. I've highlighted the important details:

Open any new personal checking account, and either establish one monthly recurring direct deposit of at least $250 to your new account or make 10 bill payments at Bank of the West Online Banking and receive a $100 bonus. Direct deposit must be payroll, social security, pension or other government benefit. The first recurring direct deposit must be posted to your account within 60 calendar days of account open date. The 10 bill payments must occur within 60 calendar days of account open date. Bonus will be credited to your account within 60 days after satisfaction of conditions. Offer valid for new personal checking accounts opened from 7/6/10–8/20/10 with $100 or more from a financial institution other than Bank of the West. Offer subject to change without prior notice and may be terminated or extended based on response. Offer does not apply to second or multiple checking accounts. Limit of one $100 bonus per personal household per calendar year. Offer not valid in CA, CO, UT, NV or WY. To the extent required by law, Bank of the West will report the value of the offer to the IRS on Form 1099. Any applicable taxes are the responsibility of the account holder. All accounts are subject to the Bank’s standard terms and conditions and fee schedule.

When I checked with Bank of the West in March, I was told that the online account application is limited to states which have Bank of the West branches. Also, as you can see in the small print above, the offer is not valid in CA, CO, UT, NV or WY. That leaves the following states which should be eligible for this promotion: AZ, ID, IA, KS, MN, MO, NE, NM, ND, OK, OR, SD, WA and WI.

Regarding a hard credit pull, I was told earlier this year that they don't do a hard credit inquiry in the application (only a soft pull). So you shouldn't have to worry about a ding to your credit score.

Several reader commented in my previous post that Bank of the West closed their accounts for no apparent reason. It appears that when Bank of the West started to restrict availability to their market areas, out-of-area customers who had opened the account before the change were being targeted for account closure. Some readers also reported not receiving the bonus. Most readers who were in the market area have reported success with the promotion. One reader commented:

Just got bonus posted and ACH from online bank to yourself for over the necessary amount DOES count as a DD and only needed to be done 1 time.

Bank of the West is one of the large regional banks. It has $61.18 billion in assets and $41.38 billion in deposits. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

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 bank's rates page as of 7/8/2010. According to the table, the rate is scheduled to last at least through 7/14/2010. More details about this CD is available at the CD overview page and in the bank's disclosure.

The 1.69% APY is a fairly competitive rate these days for an 18-month term. The unlimited add-on feature is what sets this apart from CDs at other banks. This was a much better deal last year when the CD yield was 2.88%. Those who opened this CD back then are probably making good use of the add-on feature.

In addition to this CD, there's also a good deal on the bank's Statement Savings Account which has a 1.26% APY for all balances as of 7/8/2010. Minimum initial deposit is $25, and there are no monthly fees. As a savings account it has the typical withdrawal limitations. Also, there is no check writing. However, it does come with an ATM card, and they are part of the Allpoint network.

The bank has an online application that is intended to be printed and mailed with your check and copy of your driver's license. I confirmed with a CSR yesterday that they do open personal accounts for people in any state.

First Savings is located in Renton, Washington which is in the suburbs of Seattle.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial, 1 star (lowest) at Bankrate.com and an overall health score of 2 out of 5 at DepositAccounts.com (see our First Savings Bank Northwest financial overview). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been FDIC insured since 1935 (FDIC Certificate # 29058).

Thanks to the reader Rav who mentioned this bank in the discussion forum. If you know of a good bank deal or want to report a rate change, please post them in the rate changes and deals forum.

Olympia Federal Savings continues to offer a nice 27-month CD special with a top rate of 2.22% APY. Minimum deposit is $50,000. Lower rates are available for smaller deposits: 2.07% APY for $25,000 and 1.97% APY for $5,000. The CD also has a one-time bump feature. These rates are listed in the bank's rates page as of the morning of 7/1/2010 (click on the "current rates" link on the left sidebar of bank's home page).

Credit for this find goes to Rav who posted this info in this forum thread. Unfortunately, the rates have gone down a bit since his forum post. Hopefully, the current rates will last for a while.

It appears that a branch visit is required to open an account. Branches are located in the Washington State cities of Olympia, Belfair, Lacey and Tumwater.

The bank's ratings for safety and sounness are strong: 5 stars (superior) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Olympia Federal Savings financial overview). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 1934 (FDIC Certificate # 28599).

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.

Union Bank is offering two competitive CD specials: 2.00% APY 24-month CD and 2.50% APY 36-month CD. Minimum deposit is $10,000, and the maximum is $999,999. A linked checking account is required, and the checking account must remain open for the entire CD term. Otherwise, the rate will fall to a low non-promo rate. The offer is listed in the Union Bank promo page as of 6/20/2010.

This CD promo has been around for a couple of weeks. Reader mschoenf mentioned it in a June 6th forum post. I saw it advertised in today's (6/20) The Press-Enterprise, so hopefully, it'll continue for a while.

It appears that any personal checking account will qualify for the CD promotion. Union Bank offers a free checking account with a $100 minimum initial deposit. There's no monthly fee and no minimum balance required. One nice perk is that the first order of checks is free.

Union Bank also has a $200 checking account bonus, but it's only for a business checking account, and it has several requirements. The promotion is scheduled to end on June 30, 2010.

Branches Now in WA and OR in Addition to CA

Union Bank has recently acquired Frontier Bank and Tamalpais Bank when those banks were closed by regulators. Both the old Frontier Bank website and the old Tamalpais Bank website are listing this same CD promotion as of 6/20/10.

Frontier branches are located throughout Washington State and Oregon including the cities of Seattle, Sequim, Poulsbo, Tacoma, Everett, Lacey, Bellingham, Salem, Portland and Tigard.

Tamalpais branches are located in Marin County, California in the cities of Corte Madera, Mill Valley, San Anselmo, Tiburon, Greenbrae and San Rafael.

Union Bank branches are located throughout California. Some of the major cities include Oakland, San Francisco, San Jose, Concord, Fresno, Stockton, Bakersfield, Los Angeles, Madera, Salinas, Irvine, Roseville, Riverside, Sacramento, San Bernardino and San Diego.

Union Bank's ratings for safety and soundness are a little mixed: 4 stars (excellent) at BauerFinancial, 2 stars (below peer group) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Union Bank rates and reviews page). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. Union Bank has been a FDIC member since 1979 (FDIC Certificate # 22826).

Higher CD Rates in California

For those in the Los Angeles area, Habib American Bank is currently offering several very competitive CDs including a 2.50% APY 24-month CD and a 3.00% APY 36-month CD. Please refer to my bank review post for more details.

Best Nationwide 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.

Update: I'm afraid the special CD rates dropped after my post this morning.

US Bank, N.A. is offering competitive rates on its 3 special CDs. The most competitive one is the 27-month CD which has a 2.25% APY. The other ones include a 1.75% APY 19-month CD and a 3.15% APY 59-month CD. Minimum deposit is $1,000. These rates are listed at the bank's CD specials page as of 5/21/2010.

There's an online application link on the bank's CD specials page, and according to the CSR, people in any state can apply. In fact, to take advantage of these CD specials, I was told you would have to apply either online or by phone, and not in a US Bank branch. After you submit the application, the CSR said that they'll send you a signature card that must be mailed back with a check for the deposit. You have 30 days to fund the CD. However, according to the CSR, the CD rate won't lock until they receive the funds. I was told you can also fund the CD with a free wire transfer. After you submit the application, you should have the account number which can be used for the wire transfer. You can also fund the CD at a branch, but you'll still need the account number and signature card.

One downside with US Bank CDs is a harsh early withdrawal penalty. I had posted on it last year. I wasn't able to find a new disclosure document, but based on what the CSR mentioned, it appears to be the same as what I posted last year:

If your account has an original maturity greater than one year, the penalty will be the greater of either A or B, plus a $25 early withdrawal fee.

A. One-half of the interest that would have been earned on the funds withdrawn if held for the entire term.

B. 3% of the amount withdrawn.

Early withdrawal penalties for long term CDs are typically only 6 months of interest, so this is much worse. This is one reason to choose the shorter terms rather than the 59-month CD.

US Bank START Savings Program

US Bank also a pretty good deal on a savings account program called S.T.A.R.T. Like the savings programs at Bank of America (Keep the Change) and Wachovia (Way2Save), it's not going to make you a lot of money, but you can easily earn $100 in one year without much work or money (my US Bank START review).

Bank Overview

US Bank has branches in many states. It has most of its branches in the states of California, Colorado, Illinois, Iowa, Kentucky, Minnesota, Missouri, Ohio, Washington and Wisconsin.

US Bank's ratings for safety and soundness are about average: 3½ stars (good) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts (see our US Bank rates and reviews page). The bank has been a FDIC member since 1934 (FDIC Certificate # 6548). It's a very large bank with $278 billion in assets and $194 billion in deposits.

Comparing with Other Certificates of Deposit

As a comparison, Bankrate's best 2-year nationwide CD rate is currently 2.03% APY, and the best 30-month CD is 2.10% APY. The best 2-year CD rate currently at DepositAccounts.com is 2.53% APY at Broadway Federal Bank. However, after Broadway, there are not many institutions offering 2-year rates above 2.00%.

Peoples Bank is offering two CD specials at some of its branches in Washington State: a 2.00% APY 19-month CD and a 1.60% APY 15-month CD. Minimum deposit is $500. These rates are listed at the bank's rates page as of the morning of 5/12/2010.

It appears that a branch visit is required to open an account. Note, on the rates page, you have to select the Washington County where you reside, and not all counties list the 2% CD. The 2% CD is listed for King County, Snohomish County and Chelan/Douglas County.

The bank's ratings for safety and soundness are a little above average: 4 stars (excellent) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our Peoples Bank rates and reviews page). The bank has been a FDIC member since 1934 (FDIC Certificate # 6158).

Thanks to the reader who emailed me news of this special.

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. The tables now have a new & improved format!

Cascade Bank is offering two competitive CD specials: 1.90% APY 12-month CD and a 1.50% APY 6-month CD. Minimum deposit is $10,000. These rates are listed in the bank's deposit rates page as of 5/05/2010.

The CDs are also available in IRAs. One thing to note is that the bank has some IRA fees. A commenter mentioned the following:

IRA FEES are $10.00 "annual fee" and if/when you take the money out, a $25.00 "termination fee".

In my February post on this bank, its Main Street Checking had some competitive rates, but these have gone down quite a bit since then.

It appears that a branch visit is required to open an account. Branches are located in several cities in Washington State including Bellevue, Issaquah, Shoreline, Burlington, Everett and Marysville.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial, 1 star (lowest) at Bankrate.com and 2 out of 5 overall health score at DepositAccounts.com. All ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1957 (FDIC Certificate # 28823).

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. The tables now have a new & improved format!