Congressional Bank Ups Nationally Available 12-Month CD

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Deal Summary: High Yield CDs: 12-month (2.55% APY), 24-month (2.80% APY), $25k minimum deposit, new money.

Availability: Nationwide

Congressional Bank is currently offering three nationally available High Yield CDs: 12-month (2.55% APY), 24-month (2.80% APY), and 60-month (3.10% APY). The minimum opening deposit is $25k of new money (defined as “funds deposited from outside of Congressional Bank), with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.10%$25k-Congressional Bank60 month Personal High Yield CD Special
2.80%$25k-Congressional Bank24 Month Personal High Yield CD Special
2.55%$25k-Congressional Bank12 Month Personal High Yield CD Special
Rates as of November 12, 2018.

I wrote about the 60-month High Yield CD in May and at that time, the 12-month High Yield CD’s APY was only 1.90%. A 14-month High Yield CD (2.20% APY) was also available in May, but has since been withdrawn.

As stated in the FAQs, the Early Withdrawal Penalty (EWP) for the 12-month High Yield CD reads as follows:

The penalty for early withdrawal is 6 months’ interest at the current interest rate.

All of the High Yield CDs carry substantial EWPs, with the penalty equaling one-half of the CD’s term length.

Opening and Closing a High Yield CD

It's a familiar problem: funding a CD is much easier than accessing maturing funds. Congressional Bank’s Online CD Account Opening FAQs state,

Q: How and when will the funds be transferred into the new CD?

    A: Upon your completion of the online application, and our review and approval, the funds will be drafted by ACH transfer. This typically happens the next day after your completed application. Therefore, please make sure the funds are available at the other institution prior to completing your application.

Q: If I choose not to renew my CD at the end of the term, how will the funds be returned to me?

    A: Upon our receipt of a written request to close the CD, a check will be mailed to the address on the account, made payable to the title on the account.

I confirmed with CSR that an ACH is the only means of funding a new CD, and he emphasized that the “money must be available at time of application.” Applications are processed within a day or two, and upon approval, the funds will immediately be drafted. CSR did state that funding could be delayed for a short time, if arrangements are made prior to the application process by calling the Bank.

Unfortunately, the only means of accessing maturing funds is by check; an ACH back to the original funding account is not possible.

Availability

Headquartered in Potomac, Maryland, Congressional Bank’s primary market area includes Montgomery County (MD), Fairfax County (VA), and the District of Columbia, but the High Yield CDs are being offered nationwide.

The High Yield CDs can be opened in the following formats: sole owner, joint owners, and Payable On Death beneficiary(ies).

Opening a High Yield CD can be done online, or in person at any of three Maryland branches, located in Bethesda, Potomac, and Rockville. Congressional Bank also has branches in Washington, D.C. and in Herndon, Virginia.

Bank Overview

Congressional Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 13.64% based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $78.08 million, an excellent annual growth rate of 11.35%. Please refer to our financial overview of Congressional Bank (FDIC Certificate # 57614) for more details.

Congressional Bank will be celebrating its 15th anniversary this fall. John R. Lane, a former Colombo Bank executive, founded the institution in 2003 with $10 million, which was raised in 38 days. In January 2016, the Bank acquired American Bank (Rockville, MD), strengthening its presence in Montgomery County and the District of Columbia. Congressional Bank is currently the 11th largest bank in Maryland, with assets in excess of $964 million and deposits of more than $819 million.

How the High Yield CD Compares

When compared to the 216 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide, Congressional Bank's 12-month High Yield CD APY currently ranks second, regardless of minimum deposit.

When compared to the 212 similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide, Congressional Bank's 24-month High Yield CD APY currently ranks third, regardless of minimum deposit.

The above rates are accurate as of 7/7/2018.

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

Related Pages: Washington CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

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Congressional Bank Has Nationally Available 60-Month CD
Deal Summary: 60-month High Yield CD Special (3.10% APY), $25k minimum deposit, new money.

Availability: Nationwide

For a limited time, Congressional Bank is offering a 60-month High Yield CD Special (3.10% APY). The minimum opening deposit is $25k of new money, with no stated balance cap.

The 60-month High Yield CD Special was added to the product line a year ago, with an initial 2.25% APY. This week’s 85 bps increase was the first rate change for the CD.

As stated in the FAQs, the...

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