I say, "Nordstorm;" you say, "Upscale fashion retailer."
I say, "Nordstorm Bank;" you say, "Really?"
Since early 2000, following a reorganization of the Nordstrom National Credit Bank, Nordstrom Bank has been offering CDs. Of the six different term lengths currently being offered, the 12-month CD (1.23% APY) has the most competitive rate.
The minimum opening deposit is $1K, with no maximum balance cap.
According to a most pleasant and knowledgeable CSR, the Early Withdrawal Penalty is six months interest.
Many thanks to the long-time DA member who noticed this deal.
Headquartered in Scottsdale, Arizona, Nordstrom Bank offers its product line to all residents of the United States and United States territories. At this time, the only deposit accounts offered by Nordstrom Bank are CDs.
Opening a CD can be done in person at the sole brick-and-mortar branch in Scottsdale, or by mail. While there is a Deposit Account Application available online, the form must be printed out and mailed to Nordstrom Bank to initiate the application process.
Nordstrom Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 0.96% (excellent), as of March 31, 2015 data. Nordstrom Bank has an excellent capitalization level of 53.70%, a result of holding $210.19 Million in assets with $112.88 Million in equity. Please refer to our financial overview of Nordstrom Bank for more details.
Nordstrom Bank (FDIC Certificate # 33497) was originally established in 1991 as the Nordstrom National Credit Bank, a state-chartered bank used to service Nordstrom’s credit cards. Following a reorganization (including a new charter) in early 1999, Nordstrom Bank began offering retail banking services. Nordstrom Bank’s timing was excellent, as a law prohibiting commercial firms, such as Nordstrom, applying for thrift charters after May 1999 went into effect shortly after Nordstrom Bank won approval from federal bank regulators.
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, Nordstrom Bank’s 12-month CD currently ranks in the top four.
The above rates are accurate as of 6/18/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.