Maryland-based EagleBank recently raised the rate of its 9-11 month CD to 1.32% APY. The 9-11 month CD allows the customer to choose the maturity from nine to eleven months. The minimum opening deposit is $1k, with no stated balance cap.
Since the beginning of the year, 9-11 month CD added a total 122 bps in three rate increases. The current 1.32% APY is the highest rate the 9-11 month CD has offered in more than two years.
EagleBank is also offering competitive rates on shorter-term CDs. The 6-8 month CD earns 1.25% APY, and the 3-5 month CD earns 0.86% APY.
According to CSR, the Early Withdrawal Penalty for the 9-11 month CD is 90 days of interest on the amount being withdrawn. Partial withdrawals and/or early closures are permitted.
CSR also stated that unlimited beneficiaries (equal shares) can be named, with Social Security numbers required. There is a 10 day grace period before a CD automatically renews. EagleBank’s standard procedure to distribute maturing funds is issuing a check to the address on file. When I asked if maturing funds could be transferred to an EagleBank checking or savings account, I was told “only if the checking/savings account is NOT opened solely for depositing maturing funds.”
9-Month Risk-Free CD
The 9-month Risk-Free CD ($1k minimum deposit) is actually a no-penalty CD that currently earns 0.86% APY.As stated in the fine print on the CD Rates page,
With a 9-Month, Risk-Free CD after the first six days, we allow one penalty-free withdrawal during the term. Any withdrawal subsequent to the one penalty-free withdrawal will incur a penalty equal to three months’ interest.
Headquartered in Bethesda, Maryland, EagleBank has a brick-and-mortar presence in the greater Washington, D.C. metropolitan area, which is the sixth largest metropolitan area in the country.
At this time, the only option for opening a CD (or any other type of account) is an in-person visit to any of 18 full-service branches (both inside and outside the Beltway), located in Washington, D.C. (5), Maryland (7), and Virginia (6).
EagleBank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.91% (excellent) based on March 31, 2022 data. In the past year, EagleBank has increased its total non-brokered deposits by $917.18 million, an excellent annual growth rate of 13.96%. Please refer to our financial overview of EagleBank (FDIC Certificate # 34742) for more details.
Established in 1998 by Ronald Paul, the former president of the Bethesda-based Allegiance Bank, EagleBank has grown relatively quickly to become Maryland’s second largest bank, with assets in excess of $11.8 billion and more than 35,000 customer accounts. EagleBank is best known for its Commercial Real Estate (CRE) loans that make up approximately 70% of its lending portfolio.
According to EagleBank’s Awards and Recognition page,
5/10/2022 -- Eagle Bancorp, Inc. was named to Executive Alliance’s 20/20 Honor Roll. This designation recognizes publicly-traded companies headquartered in Maryland and the largest hospitals, non-profits and colleges and universities that employ women in at least 20% of their executive leadership roles AND have women in at least 20% of their board of director seats. In 2022, only 27% of Maryland’s publicly traded companies have achieved this distinction.
How the 9-11 Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the EagleBank 9-11 Month CD. The following table compares the 9-11 Month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|1.60%||9-Month Share Certificate Special (EWP=182 days)||NASA Federal Credit Union|
|1.32%||9-11 Month CD (EWP=90 days)||EagleBank|
|1.32%||6-11 Month CD (EWP=90 days)||Department of Commerce Federal Credit Union|
|1.25%||6-Month CD (EWP=90 days)||Limelight Bank|
|1.25%||6-Month CD (EWP=90 days)||Live Oak Bank|
The above information and rates are accurate as of 5/26/2022.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.