This week, Essex Bank announced its limited time 13-month CD Promo (1.50% APY). To qualify for the stated promotional APY, a Cash Back Checking account must be opened along with the 13-month CD, and must be “remain open for the entire term of the CD or the effective rate of the CD will revert back to the (non-promotional) published rate in effect for the 13 month CD product at that time." If the 13-month CD is opened without a Cash Back Checking account, the APY is 1.30%.
|1.50%||$500||-||Essex Bank||13 Month CD Promo (w/ Cash Back Checking Account)|
|1.30%||$500||-||Essex Bank||13 Month CD Promo|
|0.30*%||$50k||-||Essex Bank||Cash Back Checking|
According to the fine print on the Deposit Rates page,
Current Cash Back Checking customers are also eligible for this offer.
According to CSR, the Early Withdrawal Penalty is formulaic, with the amount being withdrawn and the time remaining until CD maturity determinant factors.
Cash Back Checking
The Cash Back Checking account has been part of Essex Bank’s product line for only about five months, and has tiered APYs, based on balance levels.
- 0.10% APY - $1.5k+
- 0.20% APY - $25k+
- 0.30% APY - $50k+
In addition to the stated APY rate tiers, the Cash Back Checking account earns 1% cash back on any online or signature-based debit card transaction, up to $10 per statement cycle.
Opening a new Cash Back Checking account requires a minimum $50 deposit. The $9.95 monthly service fee will be waived if a $1.5k average monthly balance is maintained, or with a minimum $500 direct deposit per statement cycle.
Headquartered in Richmond, Virginia, Essex Bank is community bank with locations across eastern Virginia and Maryland.
Opening a 13-month CD Promo and/or a Cash Back Checking Account can be done by visiting any of 18 Virginia branches located in Aylett, Burgess, Callao, Cumberland (newly opened), Fairfax, Glen Allen, Goochland, Louisa, Manakin Sabot, Manquin, Mechanicsville, Midlothian, Powhatan, Richmond (2), Tappahannock (2), and West Point.
Essex Bank also has six Maryland branches located in Annapolis, Arnold, Bowie, Crofton, Rockville, and Rosedale.
Essex Bank’s online banking platform is currently limited to account management and bill payment services.
Essex Bank (FDIC Certificate # 8675) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 16.65% (above average) based on June 30, 2016 data. In the past year, Essex Bank increased its total deposits by $5.84 million, an above average annual growth rate of 0.61%. Please refer to our financial overview of Essex Bank for more details.
Founded in 1926 as the Bank of Essex, Essex Bank is a banking subsidiary of Community Banks Trust Corporation. In a 9-month period from late 2008 to mid 2009, the Bank acquired three banks (Transcommunity Bank, N.A., VA; The Community Bank, GA; and Suburban Federal Savings Bank, MD) and changed its name to the present Essex Bank. Currently Virginia’s 22nd largest bank with assets in excess of $1.1 billion, Essex Bank recently announced plans for two new branches in its central Virginia market.
How the CD Compares
When compared to the 206 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available in the Bank’s market area, Essex Bank’s 13-month CD Promo (w/Cash Back Checking) APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.50% APY||13-Month CD Promo w/checking||Essex Bank|
|1.41% APY||12-Month Share Certificate||Garden Savings Federal Credit Union|
|1.30% APY||1-Year CD||Live Oak Bank|
The above rates are accurate as of 10/1/2016.