Darien Rowayton Bank's Three New CDs, All Nationally Available


In mid-July, Darien Rowayton Bank (Connecticut) began offering three new CDs: a 17-month CD (1.50% APY), a 45-month CD (1.75% APY), and a 59-month CD (2.00% APY). A deposit of $500, either in person or online, opens any of these CDs. Of the three, the 17-month CD stands out as the most attractive.

Thanks to the ever observant DA member Cumulus for this find!


At first glance, these CDs may seem to be only locally available, but a closer look at their online applications reveals:

Only Residents of New York and Connecticut are eligible for Checking and Savings Products. All U.S. Residents are eligible for Certificate of Deposit Products.

A follow-up call to Darien Rowayton Bank confirmed national availability of the CDs. The application can be filled out on the bank's website, or a Darien Rowayton Bank CSR can email an application.

Bank Overview

Darien Rowayton Bank (FDIC Certificate #58257) has an overall A rating on DA and a Texas Ratio of 6.01% (excellent) as of March 31, 2014. In the past year, Darien Rowayton Bank's total deposits have grown by $63.5 Million, an impressive increase of 30.47%. Please refer to our financial overview of Darien Rowayton Bank for more details.

Established in 2006, Darien Rowayton Bank is a well capitalized community bank that did not require any government support during the financial crisis of 2007-2008. Since its inception, the bank has not had a single residential loan foreclosure.

How the Rate Compares

Darien Rowayton Bank's 17-month CD is not only very competitive when compared to similar products tracked by DA, it heads the list of similar products. While the 45- and 59-month CDs are not as impressive, they do merit inclusion in the weekly Best CD Rates Summary.

The above rates are accurate as of 7/31/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

  |     |   Comment #1
Attempted to open 17 month CD online. However, only Cd being offered are 12 and 24 month CDs. I will call bank tomorrow to see if 17month is still available. Hope it is, because in completing a good portion of online application had to give SS#, Drivers license # and other personal Info. Disappointed in online set up. If 17 month CD is a special offering, should set it aside from normal application process and shut it down when unavailable. 
  |     |   Comment #2
You cannot open the 17 month CD online. You can open a CD with a different term online and then have bank manually change it to the 17 month CD or you can open the actual 17th month CD by phone. I did it by phone since I was not comfortable putting incorrect CD info into bank's system and trusting it gets changed.  

If done by phone must supply primary and secondary ID and ss# by email. An ACH transfer is acceptable if you open CD online. The manager I dealt with was very pleasant and helpful.
  |     |   Comment #3
just noticed: http://www.drbank.com/LandingPage10.html
  |     |   Comment #4
I emailed one of the branches to make certain the 17 mo CD is still available.  As per the 2nd comment, you use one of the terms available and the bank will change it.  I chose to send a check rather than an ACH transfer so I can make sure the right rate/term are applied.  Part of the application process requires that you scan or photocopy your driver's license then upload it.  You can print out the application and CD receipt for your records.  Once the application is processed I will be contacted by email.  There were several security steps/emails so it seems pretty secure.  Once I receive the confirming email I'll update my comments.           
  |     |   Comment #5
Update from #4 ... just received an email that they need another "primary ID" other than my driver's license.  This can be a SS card, credit card, passport .  So uploaded a picture of a credit card through a link they provided, after logging in.  They are big on being paperless.  If this step is not enough, I will probably give up.     
  |     |   Comment #6
Update from #2. I successfully opened individual and joint CDs. I supplied driver's license and bank card as primary and secondary ID. Account was promptly opened after bank received my check and they  mailed out my certificate of deposit receipts the next day.

They are a small bank and staffing size causes some delays , I believe. For example, when I completed the online registration for online access to my CD accounts, I was told I would not be able to access my accounts until the next day. Why? The person who verifies the registration was backed up with work, However, as it worked out , I got access later that evening.

Delays are the price we pay for obtaining a better than average rate.  
  |     |   Comment #7
Was able to open and fund the account online.  Out of State does require two forms of ID.  ALSO - lady who was helping me advised me that today (10/28/14) is the last day for the 17 month special.  Not sure about the others.
  |     |   Comment #8
The 17 month is still active, along with others.  When I opened one a few weeks ago, I was also told that deal expiration was around the corner.  Maybe it'll last through month end.
  |     |   Comment #9
Anon456, I'm unable to log into Forum and note your comments there (and earlier on a similar topic) on ira checks. I have the ira check made payable to the new trustee and I physically deliver it. Don't do long distance ira banking but if I did, I'd deliver the check by FedEx or other courier service

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.