First Financial Northwest Bank Ups 60-Month CD

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UPDATE 9/20/18: The 60-month CD rates have fallen: 3.30% APY, $100k minimum; 3.15% APY, $25k minimum.

Deal Summary: CDs – 36-month (3.10% APY), 48-month (3.25% APY), 60-month (3.50% APY), $100k minimum. $25k minimum deposit earns APYs 25 bps lower.

Availability: Nationwide

Last week, First Financial Northwest Bank (FFNB) raised the rates on all its CDs, with the long-term CDs having the most competitive rates. FFNB CDs have tiered APYs, based on four deposit levels: $1k, $5k, $25k, and $100k. The APYs listed below are for the $100k deposit level; deposits between $25k and $99k earn APYs 25 bps lower. The rates for the $1k and $5k deposit levels are mediocre.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.30*%$100k-First Financial Northwest Bank60 Month CD
OTHER TIERS: 1.50% $1k - $5k | 2.50% $5k - $25k | 3.15% $25k - $100k
3.30*%$100k-First Financial Northwest Bank60 Month IRA
OTHER TIERS: 1.50% $1k - $5k | 2.50% $5k - $25k | 3.15% $25k - $100k
3.25*%$100k-First Financial Northwest Bank48 Month IRA
OTHER TIERS: 1.25% $1k - $5k | 2.25% $5k - $25k | 3.00% $25k - $100k
3.25*%$100k-First Financial Northwest Bank48 Month CD
OTHER TIERS: 1.25% $1k - $5k | 2.25% $5k - $25k | 3.00% $25k - $100k
3.10*%$100k-First Financial Northwest Bank36 Month IRA
OTHER TIERS: 1.00% $1k - $5k | 2.00% $5k - $25k | 2.85% $25k - $100k
3.10*%$100k-First Financial Northwest Bank36 Month CD
OTHER TIERS: 1.00% $1k - $5k | 2.00% $5k - $25k | 2.85% $25k - $100k
Rates as of November 18, 2018.

The CDs are also offered as IRAs (Traditional, Roth), earning the same tiered APYs with the same funding requirements.

As stated on the Information and Disclosure page, the Early Withdrawal Penalty reads as follows:

The penalty is calculated based on the amount withdrawn and will be equal to

    90 days’ simple interest for terms of 12 months or less,
    180 days’ simple interest for terms of greater than 12 months but less than 48 months,
    and for a term of 48 or 60 months will be 365 days’ simple interest.

30-Month CD with One-Time Bump

FFNB is currently offering a special 30-month CD (3.00% APY, $100k) with a one-time bump option. Like FFNB’s other CDs, the 30-month CD has four APYs, based on the same deposit levels. The 30-month CD is not offered as an IRA.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00*%$100k-First Financial Northwest Bank30 Month CD Special
OTHER TIERS: 0.85% $1k - $5k | 1.85% $5k - $25k | 2.75% $25k - $100k
Rates as of November 18, 2018.

Accessing Matured Funds

FFNB is one of those banks that makes funding a CD easy through an ACH transfer, but makes accessing matured funds a little more challenging. In a Live Chat, CSR stated, “Once the account matures we can wire the funds out for you certainly, but unfortunately we cannot perform an ACH out at maturity.” (The fee for a domestic wire is $30, with international wires costing $40.) CSR also stated that “a banker can close the account at no fee and mail a cashier’s check to you or to another institution.”

Another option would be to open a Statement Savings account and simply transfer the funds. While the Statement Savings account doesn’t have a great rate, it is a fee-free account and provides easy access to your funds.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.10%$1-First Financial Northwest BankStatement Savings
Rates as of November 18, 2018.

Availability

Headquartered in Renton, Washington, First Financial Northwest Bank offers its product line to all U.S. citizens and resident aliens with a valid Social Security number.

Opening a CD can be done online, or at any of tem full-service Washington branches located in Arlington, Bellevue, Bothell, Edmonds, Lake Stevens, Mill Creek, Renton (2), Snohomish, and Woodinville. All branch locations are in the Seattle metro area.

Bank Overview

First Financial Northwest Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.47% (excellent) based on March 31, 2018 data. In the past year, FFNB has increased its total non-brokered deposits by $127.72 million, an excellent annual growth rate of 18.69%. Please refer to our financial overview of First Financial Northwest Bank (FDIC Certificate # 29058) for more details.

Established in 1923 as the First Federal Savings and Loan Association, First Financial Northwest Bank is currently Washington’s tenth largest bank with assets in excess of $1.2 billion. Beginning in 1991, a series of four name changes occurred, with the final re-brand in 2015. Joseph W. Kiley III, President and CEO of the Bank, stated in a July 2015 press release,

First Financial Northwest Bank better reflects who we are and what we do today as a leading, full-service community bank. For more than 90 years, we have innovated and evolved to meet all the financial needs of our customers and our new name reflects that we are more than just a savings bank.

In July 2017, FFNB expanded its footprint in the Seattle metro area by purchasing four Opus Bank branches in King and Snohomish Counties, assuming an approximate $102 million in deposits.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Financial Northwest Bank’s 60-month CD APY currently ranks second, regardless of minimum deposit.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Financial Northwest Bank’s 36-month CD APY currently ranks second, regardless of minimum deposit.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, First Financial Northwest Bank’s 48-month CD APY currently ranks third, regardless of minimum deposit.

The above rates are accurate as of 8/13/2018.

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

Related Pages: Seattle CD rates, 5-year CD rates, nationwide deals

Comments
anonymousl
anonymousl   |     |   Comment #1
Great rate - horrible EWP makes it a nonstarter
decades
decades   |     |   Comment #2
Any Ewp more than 6 months , no thanks , it just makes money for the banks
Bogie
Bogie   |     |   Comment #3
I wish a lot more people thought the same way. Then perhaps the banks would raise their CD rates even higher to attract depositors. That would be great for a person like myself who couldn't care less what the EWPs were.
anonymousl
anonymousl   |     |   Comment #5
You would care big time about the EWP penalty if in a year or two interest rates on 5 year CDs rose to 6%, which is not impossible.
Bogie
Bogie   |     |   Comment #6
No, not at all. I am quite comfortable with my laddered CD approach which I built years ago and have even filled in several half steps along the way.

If, if, if, there are always those big ifs. Even so, I am covered.
MJT
MJT   |     |   Comment #4
I wish banks offer cd five years term to 5.25 % . I 'll join in 200000
First Financial Northwest Bank Ups 48-Month CD Rate
Deal Summary: 48-month CD, 3.00% APY ($100k+), 2.50% APY ($25k+)

Availability: Nationwide

Last week, First Financial Northwest Bank (FFNB) raised the rate on its 48-month CD to 3.00% APY for deposits of $100k+. The three other tiered APYs are really not competitive; there are more than 20 banks and credit unions offering nationally available 4-year CDs at higher rates than the 2.50% APY ($25k+). The minimum deposit to earn the 3.00% APY is $100k and there is no stated balance cap.

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First Savings Bank Northwest is offering competitive rates on a special 18-month CD and its Statement Savings Account. The special CD is called the "Grow with Us" CD. It has an 18-month term with a 1.69% APY. Minimum deposit is $500. The nice thing about this CD is that it allows unlimited add-on deposits at any time. Another perk is that it allows a one-time bump up in the rate if rates go up. The early withdrawal penalty is 3 months of interest. The CD rate is listed at the...

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First Savings Bank Northwest is offering competitive rates on its CDs and money market account. The best CD deal is its Grow With Us CD which offers a 2.88% APY for an 18-month term. Minimum deposit is $500. It has an add-on feature that allows additional deposits at any time. .

Another competitive CD rate is its 36-month CD which has a 3.46% APY. All of the bank's CDs with terms of 12 to 48 months offer a once-annual bump option. If rates go up, you can receive a rate increase....

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