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 Bank||12 Month Promo CD|
|5.00%||$1k||-||Bankwell Bank||6 Month Promo CD|
|4.25%||$1k||-||Bankwell Bank||18 Month Promo CD|
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- Early Withdrawal Penalty – 180 days interest on the amount withdrawn.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.
Bankwell Bank has an overall health grade of "A" at DepositAccounts.com, 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 DepositAccounts.com 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.