Seattle Bank

Overview / Commentary

www.seattlebank.com

206-281-1500

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.

Rates Lowered - 5/19/2020

rates lowered from those shown on DepositAccounts.com (only of interest or those of us in the Pacific Northwest). Effective: May 1, 2020 Term Interest Rate APY 3 month 0.15% 0.15% 6 month 0.38% 0.38% 9 month 0.60% 0.60% 12 month 1.04% 1.05% 24 month 1.09% 1.10% 36 month 1.19% 1.20% 48 month 1.29% 1.30% 60 month 1.39% 1.40% APY = Annual Percentage Yield

Rate Decrease On March 6 - 3/12/2020

Effective: March 6, 2020 Term Interest Rate APY 3 month 0.40% 0.40% 6 month0.50% 0.50% 9 month 0.60% 0.60% 12 month 1.64%1.65% 24 month 1.69% 1.70% 36 month 1.73% 1.75% 48 month 1.83% 1.85% 60 month 1.93% 1.95%

Seattle Bank Rates Have Been Lowered Below Those Shown On This Site - 1/4/2020

As of jan 4, 2020, DepositAccounts does not reflect the lower rate offered by Seattle Bank. Example yields are now: 24 mo 2.30% 36 mo 2.35 48 mo 2.40 60 mo 2.50

View all posts from:

2020
2019
2011
Earlier

5/19 - Rates Lowered
3/12 - Rate Decrease On March 6
1/4 - Seattle Bank Rates Have Been Lowered Below Those Shown On This Site

6/26 - Seattle Bank Has Competitive CDs Statewide, 60-Month, 3.30% APY

7/13 - Seattle Bank 1.0% MM With Rate Guarantee For Six Months

7/4/06 - 5.64% 6-Month CD at a Washington State Bank (Indexed to Prime)
6/8/06 - 5.38% 6-Month CD at a Washington State Bank (Variable Rate)

Reviews (1)

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

Posted by: deskandchairs | Jul 26, 2019

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.

Health

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	35139
Year Established	1999
Employees	59
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	1.03%
Return on Equity - YTD	10.13%
Annual Interest Income	$37.9MM

Assets and Liabilities
Assets	Q4 2019vs Q4 2018	$715.4MM$630.7MM
Loans	Q4 2019vs Q4 2018	$584.2MM$547.8MM
Deposits	Q4 2019vs Q4 2018	$563.6MM$494.0MM
Equity Capital	Q4 2019vs Q4 2018	$69.6MM$62.6MM
Loan Loss Allowance	Q4 2019vs Q4 2018	$5.3MM$4.1MM
Unbacked Noncurrent Loans	Q4 2019vs Q4 2018	$3.0MM$3.8MM
Real Estate Owned	Q4 2019vs Q4 2018	$5.5MM$5.1MM

User-submitted Promotions & Notices

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This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Rates Lowered

deskandchairs | May 19, 2020

rates lowered from those shown on DepositAccounts.com (only of interest or those of us in the Pacific Northwest).
Effective: May 1, 2020
Term
Interest Rate
APY
3 month
0.15%
0.15%
6 month
0.38%
0.38%
9 month
0.60%
0.60%
12 month
1.04%
1.05%
24 month
1.09%
1.10%
36 month
1.19%
1.20%
48 month
1.29%
1.30%
60 month
1.39%
1.40%
APY = Annual Percentage Yield

Comment

Rate Decrease On March 6

deskandchairs | Mar 12, 2020

Effective: March 6, 2020
Term
Interest Rate
APY
3 month 0.40% 0.40%
6 month0.50% 0.50%
9 month 0.60% 0.60%
12 month 1.64%1.65%
24 month 1.69% 1.70%
36 month 1.73% 1.75%
48 month 1.83% 1.85%
60 month 1.93% 1.95%

Comment

Rates

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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.

Seattle Bank CD Rates

APY	MIN	MAX	ACCOUNT NAME
1.40%	$1k	-	60 Month CD
1.40%	$300	-	60 Month Youth CD
1.30%	$1k	-	48 Month CD
1.30%	$300	-	48 Month Youth CD
1.20%	$1k	-	36 Month CD
1.20%	$300	-	36 Month Youth CD
1.10%	$1k	-	24 Month CD
1.10%	$300	-	24 Month Youth CD
1.05%	$1k	-	12 Month CD
1.05%	$300	-	12 Month Youth CD
0.60%	$1k	-	9 Month CD
0.60%	$300	-	9 Month Youth CD
0.38%	$1k	-	6 Month CD
0.38%	$300	-	6 Month Youth CD
0.15%	$1k	-	3 Month CD
0.15%	$300	-	3 Month Youth CD

Seattle Bank IRA Rates

APY	MIN	MAX	ACCOUNT NAME
1.40%	$500	-	60 Month IRA
1.30%	$500	-	48 Month IRA
1.20%	$500	-	36 Month IRA
1.10%	$500	-	24 Month IRA
1.05%	$500	-	12 Month IRA
0.60%	$500	-	9 Month IRA
0.38%	$500	-	6 Month IRA
0.15%	$500	-	3 Month IRA