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!
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.