Deal Summary: 27-month Premier CD Special, 1.70% APY, $10k minimum deposit, checking relationship required
Almost two years ago, I wrote about Sandy Spring Bank’s 27-month Premier CD Special. Since that time, the CD has experienced more than 25 rates changes, eleven of which were increases that occurred in the past six months. The latest rate increase happened yesterday, resulting in the highest rate in the CD’s history – 1.70% APY. The minimum deposit is $10k of new money, with no stated balance cap.
|1.70%||$10k||-||Sandy Spring Bank||27 Month Premier CD Special|
|1.70%||$10k||-||Sandy Spring Bank||27 Month Premier IRA Special (Traditional, CESA)|
A checking account relationship with a minimum $100 monthly direct deposit (paycheck, pension, Social Security, etc.) is required to earn the stated APY. If the checking account does not receive a direct deposit, the 27-month Premier Special CD will revert to a regular 27-month CD, which currently earns 1.00% APY.
The 27-Month Premier CD Special is also available as an IRA (Traditional and CESA) earning the same APY, with the same funding requirements.
As stated in the Personal Account Deposit Agreement, the Early Withdrawal Penalty reads as follows:
All Accounts with a term of more than 1 year:
A penalty equal to 180 days’ interest on the amount withdrawn (computed at the interest rate then being paid on the Account) will be imposed.
Last week, long-time DA reader and guest contributor, Charles Rechlin, wrote an insightful blog post on relationship CDs, based on his years of personal CD investing. If you are considering the Sandy Spring Bank 27-month Premier CD Specials, it’s worth the time to read what Charles has to say on the subject.
$150 Checking Bonus
Coincidentally, Sandy Spring Bank is offering a $150 bonus when opening a new checking account, although the promotion ends soon on February 28, 2017. Requirements and limitations for the bonus are as follows:
- Open a new checking account online, in-branch, or by phone.
- Enroll in eStatements
- Complete eight debit card purchase transactions in the fourth statement cycle.
- Available to new checking customers or those who have not had a checking relationship with Sandy Spring Bank in the past 90 days.
- Only one bonus per individual.
- Bonus will deposited within 30 days of the end of the fourth statement cycle.
- Account must be in good standing to qualify for the bonus.
Complete details, including links to facilitate opening the account, can be found on the promotion page.
Thanks to DA reader, floyd, for his Forum post about the $150 bonus.
Headquartered in Olney, Maryland, Sandy Spring Bank’s market area includes the portions of Maryland and Northern Virginia that comprise the greater Washington, D.C. metropolitan area.
Opening a CD at Sandy Spring Bank can be done online, or at any of 38 Maryland branches located in Annapolis, Ashton, Bethesda (2), Burtonsville, Clarksville, Colesville, Damascus, Edgewater, Frederick (4), Gaithersburg (4), Germantown, Glen Burnie, Lanham, Laurel (2), Linthicum, Millersville, Mount Airy, Odenton, Olney (2), Pasadena, Potomac, Rockville (2), Sandy Spring, Silver Spring (4) and Woodbine.
Sandy Spring Bank also has seven Virginia branches located in Arlington, Chantilly, Fairfax, Leesburg (2), Springfield, and Vienna, and a single branch in the District of Columbia.
Sandy Spring Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.40% (excellent), based on September 30, 2016 data. In the past year, Sandy Spring Bank has increased its total non-brokered deposits by $257.84 million, an excellent annual growth rate of 7.84%. Please refer to our financial overview of Sandy Spring Bank (FDIC Certificate # 4865) for more details.
Sandy Spring Bank has a history that reaches back to the troubled economic times of post-Civil War 1868. Although less than 25 miles from Washington, D.C., the community of Sandy Spring might as well have been 2,500 miles from the financial institutions in the nation’s capital. A group of local business and townspeople realized that answer to their financial needs had to come from within the community, and Sandy Spring Bank was established. Nearly 150 years later, Sandy Spring Bank has assets in excess of $4.8 billion and was named as one of the top 100 "Most Trustworthy" corporations in America for integrity in financial reporting by Forbes Magazine.
How the CD Compares
When compared to the 288 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Sandy Spring Bank’s 27-month Premier CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.70% APY||27-Month Premier CD Special ($10k min)||Sandy Spring Bank|
|1.60% APY||24-Month CD Special ($5k min)||Connexus Federal Credit Union|
|1.56% APY||2-Year eCD ($10k min)||Virtual Bank|
The above rates are accurate as of 2/22/2017.