Bankwell Bank (CT) Adds Competitive 12-Month Promo CD


Deal Summary: 12-month Promo CD, 5.00% APY, $1k minimum opening deposit.

Availability: Market area is primarily coastal Connecticut, from Stamford to North Haven.

Last week, Bankwell Bank (Bankwell) began offering three Promo CDs – 6-month, 12-month, and 18-month. Earning 5.00% APY, the 12-month Promo CD has the most competitive rate. Minimum opening deposit is $1k, with no stated balance cap.

5.50%$1k-Bankwell Bank12 Month Promo CD
5.00%$1k-Bankwell Bank6 Month Promo CD
4.25%$1k-Bankwell Bank18 Month Promo CD
Rates as of December 1, 2023.

Long-time DA readers may remember the 2016 Bankwell Bank blog post about the "Bread or Toast" new checking account bonus. I still smile when I think about having to choose between $150 in cash or a toaster.

Availability and Account Opening

Headquartered in New Canaan, Connecticut, Bankwell Bank’s brick-and-mortar presence reaches from Stamford to North Haven. Coastal Connecticut residents are welcome to apply for an account.

Opening a Promo CD requires an in-person visit to any of twelve Connecticut branches located in Darien, Fairfield (2), Hamden, New Canaan, North Haven, Norwalk, Stamford (2), Westport, and Wilton (2). Bankwell's online banking platform continues to be devoted to account management and bill payments.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, check, or internal transfer.
  • Early Withdrawal Penalty – 180 days interest on the amount withdrawn. Partial withdrawals are permitted as long as a $1k balance is maintained.
  • Interest – Compounded/credited monthly. Automatic transfer to a Bankwell liquid account can be scheduled.
  • Maturing Funds – Transferred to Bankwell liquid account or distributed by cashier’s check to the address on file.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Up to five, equal shares, Social Security numbers required.
  • Credit Check – ChexSystems.

Bank Overview

Bankwell Bank has an overall health grade of "A" at, with a Texas Ratio of 5.68% (excellent) based on June 30, 2022 data. In the past year, Bankwell Bank has increased its total non-brokered deposits by $47.48 million, an above average annual growth rate of 2.89%. Please refer to our financial overview of Bankwell Bank (FDIC Certificate # 57368) for more details.

Established in 2002 as The Bank of New Canaan, Bankwell Bank has grown in 21 years to become the fourth largest bank in Connecticut, with assets in excess of $2.4 billion and nearly 21,000 customer accounts. The bank re-branded as Bankwell Bank in 2013 as it began an expansion that included the acquisition of three Connecticut banks (The Bank of Fairfield, The Wilton Bank, and Quinnipiac Bank & Trust Company).

How the 12-month Promo CD Compares

When compared to similar length-of-term CDs tracked by which are available nationally and have minimum deposit requirements of $10k or less, two banks and one credit union have higher rates than currently offered on the Bankwell Bank 12-month Promo CD. The following table compares the 12-month Promo CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 2/28/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: New York CD rates, Hartford CD rates, 1-year CD rates

Bankwell Bank (CT) Promotes Smart Savings and Smart Money Market
Deal Summary: Smart Savings, 1.15% APY w/Smart Checking and 0.30% APY w/o checking, $100 minimum deposit. Smart Money Market, 1.15% APY on balances of $75k or greater, 0.30% APY on balances of less than $75k, $100 minimum deposit.

Availability: Market area is primarily coastal Connecticut, from Stamford to North Haven.

If you are a regular reader of DA, you may remember my March 2016 blog post about the "Bread or Toast" new checking account bonus at Bankwell Bank (Bankwell). I still smile when I think about...

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Bankwell Bank (CT) Offers "Bread or Toast" $150 Checking Bonus
Availability: Market area is primarily coastal Connecticut, stretching from Stamford to North Haven.

DISCLAIMER: The following is a statement I never thought I would make in reference to modern day banking - forgive me.

Bankwell Bank (Bankwell) is offering a $150 cash bonus or a toaster when opening a new my Bankwell Choice or new my Bankwell Choice Preferred Checking account.

To be fair, this is no ordinary toaster, but a SMEG toaster that retails for $149 on Amazon. SMEG is an Italian manufacturer of upscale appliances, known for...

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.