Seattle Bank

Overview / Commentary
600 University Street, Suite 1850
Seattle, WA 98101

Seattle Bank offers the service and flexibility of a small bank and product selection and convenience of a large nationwide lender. Specializing in tailored banking solutions, they can meet virtually all individual and business banking needs and, through affiliated companies, provide a broad range of financial services such as personal insurance and residential loans. They are a very active and experienced residential construction and commercial construction lender.

Reviews (2)

Easy To Open A CD, Not So Easy To Get Your Money Out

Seattle Bank permits funding of CDs by ACH from an external account. But not so at maturity.
The only way you can get your funds back at maturity is cashiers check or wire transfers, they tell me. Their fee schedule indicates this will cost $5 (and snail mail delay) or $25, respectively.
Of course, the conventional work-around for online banks that do this is to open a Money Market account and use that to receive, then transfer CD maturity proceeds using online banking. Unfortunately, Seattle bank has brick and mortar interest rates on their MMF. They aren't really a (full service) internet bank; they are a brick and mortar operation with selected promotional rates online.
I should note that their customer service by email was responsive. I had an answer to my early morning pre-opening questions within 15 minutes of their stated opening banking hours. Unfortunately, those questions should have included how to get my money back!
The on-line account opening experience was efficient (and less complicated than most others) and they don't bother with test deposits. Once they approve your CD application, they just initiate the ACH transfer. I completed my CD application on a Thursday morning and the CD was opened and funded (on the next) Monday.
UPDATE: I have now redeemed several CDs at maturity and they did not charge a fee for the cashiers check.

Do Not Open CD's

Seattle Bank CLAIMS to be an online bank but they are not a well functioning online bank. They make short work at obtaining your funds but once they have your money they place one road block after another in front of you when you need your money back. I speak from experience as I previously held a number of large CDs with Seattle Bank---which I have closed one by one at maturity. They, for reasons unknown, manage to take money from the funding bank but cannot return it at maturity to that funding bank. The site has a so-called "identification" process but they cannot send you a CODE to gain access to your account! I am trying to get my funds returned from the last account I have or will ever have on deposit with Seattle Bank and once again, I'm having the same old problems---lucky for me this last account is for a small denomination.


Health Grade Components

FDIC Certificate #35139
Year Established1999
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.51%
Return on Equity - YTD12.53%
Annual Interest Income$21.3MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$751.6MM$691.8MM
LoansQ2 2022vs Q2 2021$654.3MM$605.8MM
DepositsQ2 2022vs Q2 2021$566.4MM$556.8MM
Equity CapitalQ2 2022vs Q2 2021$90.8MM$81.3MM
Loan Loss AllowanceQ2 2022vs Q2 2021$9.5MM$7.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$2.2MM$3.0MM
Real Estate OwnedQ2 2022vs Q2 2021$5.5MM$4.3MM
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Always verify rates and promotions with the bank or credit union. We are not Seattle Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Seattle Bank Savings Account Rates

3.10%*$1m*-Digital Direct Savings
OTHER TIERS: 3.00% Up to $1m
3.10%*$1m*-Private Concierge Savings
OTHER TIERS: 3.00% Up to $1m
3.10%*$1m*-Business Private Concierge Savings
OTHER TIERS: 3.00% Up to $1m
2.00%--Personal Plus Savings
2.00%--Business Savings

Seattle Bank Money Market Rates

2.00%--Personal Money Market
2.00%--Business Money Market

Seattle Bank Checking Account Rates

2.00%--Digital Direct Checking
2.00%--Private Concierge Checking
2.00%--Business Private Concierge Checking
1.60%*$250k*-Business Interest Checking
OTHER TIERS: 1.50% Up to $50k | 1.55% $50k - $250k
1.50%--Personal Plus Checking
1.00%--Business Analysis Checking

Seattle Bank CD Rates

4.50%$1k-60 Month CD
4.45%$1k-48 Month CD
4.40%$1k-36 Month CD
4.35%$1k-24 Month CD
4.30%$1k-12 Month CD
4.05%$1k$220k36 Month Bump Up CD
3.95%$1k$220k24 Month Bump Up CD
3.10%$1k-9 Month CD
2.60%$1k-6 Month CD
2.00%$1k-3 Month CD

Seattle Bank IRA Rates

4.50%$500-60 Month IRA
4.45%$500-48 Month IRA
4.40%$500-36 Month IRA
4.35%$500-24 Month IRA
4.30%$500-12 Month IRA
4.05%$1k$220k36 Month Bump Up IRA
3.95%$1k$220k24 Month Bump Up IRA
3.10%$500-9 Month IRA
2.60%$500-6 Month IRA
2.00%$500-3 Month IRA

Seattle Bank Locations
Seattle Bank600 University StSeattle, WA 98101

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