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!
|2.00%||$500||-||Laurel Road Bank||59 Month CD|
|1.75%||$500||-||Laurel Road Bank||45 Month CD|
|1.60%||$500||-||Laurel Road Bank||17 Month CD|
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.
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.