Last week, SaviBank added an impressive 140 bps to its 24-month CD (2.00% APY). The CD can be opened with a $500 minimum deposit; there is no stated balance cap.
The 24-month CD was added to the product line in early 2011, with an initial rate of 1.50% APY. Over the next three years, that rate gradually declined to 0.60% APY, where it remained until last week’s rate hike.
The 24-month CD is also offered as an IRA (Traditional), earning the same APY and with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 24-month CD is 180 days interest.
Headquartered in Burlington, Washington, SaviBank’s market area includes Island, Skagit, and Whatcom Counties.
Opening a SaviBank CD must be done in person at any of five Washington branches, located in Bellingham, Burlington, Freeland, Mount Vernon, and Oak Harbor.
SaviBank’s online banking platform is currently devoted to account management and bill payment services.
SaviBank has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.42% (excellent) based on June 30, 2017 data. In the past year, SaviBank has increased its total non-brokered deposits by $14.08 million, an excellent annual growth rate of 11.44%. Please refer to our financial overview of SaviBank (FDIC Certificate #57978) for more details.
In April 2005, the Bank of Skagit County opened its doors for business. Supported by nearly 300 shareholders, the Bank served the Skagit Valley community. During its first ten years, the Bank experienced two name changes: Business Bank (2007) and SaviBank (2015). The 2015 rebrand not only changed the name (which is pronounced savvy-bank), but added a new logo.
Along with a new logo featuring an owl, the new name symbolizes our
mission to use our knowledge to provide savvy guidance to our customers.
How the CD Compares
When compared to the 263 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, SaviBank’s 24-Month CD APY currently ranks second.
The above rates are accurate as of 9/19/2017.