Competitive 18-Month Add-On CD and Savings Account at First Savings Bank Northwest in WA - Available Nationwide

POSTED ON THURSDAY, JULY 8, 2010 BY Ken Tumin

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 bank's rates page as of 7/8/2010. According to the table, the rate is scheduled to last at least through 7/14/2010. More details about this CD is available at the CD overview page and in the bank's disclosure.

The 1.69% APY is a fairly competitive rate these days for an 18-month term. The unlimited add-on feature is what sets this apart from CDs at other banks. This was a much better deal last year when the CD yield was 2.88%. Those who opened this CD back then are probably making good use of the add-on feature.

In addition to this CD, there's also a good deal on the bank's Statement Savings Account which has a 1.26% APY for all balances as of 7/8/2010. Minimum initial deposit is $25, and there are no monthly fees. As a savings account it has the typical withdrawal limitations. Also, there is no check writing. However, it does come with an ATM card, and they are part of the Allpoint network.

The bank has an online application that is intended to be printed and mailed with your check and copy of your driver's license. I confirmed with a CSR yesterday that they do open personal accounts for people in any state.

First Savings is located in Renton, Washington which is in the suburbs of Seattle.

The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial, 1 star (lowest) at Bankrate.com and an overall health score of 2 out of 5 at DepositAccounts.com (see our First Savings Bank Northwest financial overview). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. The bank has been FDIC insured since 1935 (FDIC Certificate # 29058).

Thanks to the reader Rav who mentioned this bank in the discussion forum. If you know of a good bank deal or want to report a rate change, please post them in the rate changes and deals forum.

Comments

Anonymous | Jun 2, 2011 | Comment #2

This bank has a made a big makeover to their deposit account rates. The Statement Savings rate of 1.26% from July 2010 is now 0.3%. The FIRSTChecking account rate shown on this website has a 1% rate. When you look at the bank's own website, the rate shown is N/A which means zero, nilch, nada. This bank has a rather low safety rating, so I would suggest that you move your money elsewhere.