Bankwell Bank (CT) Brings Back Competitive 12-Month Promo CD
Bankwell Bank (Bankwell) recently brought back two Promo CDs – 12-month and 6-month. Currently earning 5.50% APY, the 12-month Promo CD offers the more competitive rate. Minimum opening deposit is $1k, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.30% | $1k | - | Bankwell Bank | 12 Month Promo CD | |
| 4.20% | $1k | - | Bankwell Bank | 6 Month Promo CD |
Early Withdrawal Penalty
CSR stated that the Early Withdrawal Penalty for the 12-month Promo CD is 180 days interest on the amount withdrawn. Partial withdrawals are permitted as long as a $1k balance is maintained. Should a withdrawal be made within 180 days of account opening, the CD principal will be reduced.
Availability and Account Opening
Headquartered in New Canaan, Connecticut, Bankwell Bank has a brick-and-mortar presence that stretches from Stamford to North Haven. The market area was previously limited to Coastal Connecticut, with a branch location visit required to to open a CD. When I last wrote about Bankwell Bank in February 2023, its online banking platform was dedicated to account management and bill payments.
Bankwell Bank recently debuted bankwelldirect.com, its first online division. New accounts can now be opened online, with all Connecticut residents welcome to apply. Currently, only three products (12-month Promo CD, 6-month Promo CD, and Digital High-Yield Savings) are listed on the bankwelldirect.com page.
Bankwell Direct is our digital online bank that offers a seamless and secure
banking experience with market-leading rates and fast, simple account opening.
Opening a 12-month Promo CD can be done online or in-person at any of twelve Connecticut branches located in Darien, Fairfield (2), Hamden, New Canaan, North Haven, Norwalk, Stamford (2), Westport, and Wilton (2).
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, check, or internal transfer.
- 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 "B+" at DepositAccounts.com, with a Texas Ratio of 11.03% (excellent) based on September 30, 2023 data. In the past year, Bankwell Bank increased its total non-brokered deposits by $142.32 million, an excellent annual growth rate of 8.44%. 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 22 years to become the third largest bank in Connecticut, with assets in excess of $3.2 billion and more than 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).
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.
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, one credit union has a higher rate than currently offered on the Bankwell Bank 12-month Promo CD. The following table compares the 12-month Promo CD to the four highest-rate similar length-of-term CDs from other banks and credit unions within the market area.
The above information and rates are accurate as of 2/22/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
