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 (1)

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.


Health Grade Components

FDIC Certificate #35139
Year Established1999
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.7%
Return on Equity - YTD6.05%
Annual Interest Income$16.4MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$691.8MM$747.5MM
LoansQ2 2021vs Q2 2020$605.8MM$617.6MM
DepositsQ2 2021vs Q2 2020$556.8MM$606.2MM
Equity CapitalQ2 2021vs Q2 2020$81.3MM$76.8MM
Loan Loss AllowanceQ2 2021vs Q2 2020$7.1MM$5.9MM
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$3.0MM$3.2MM
Real Estate OwnedQ2 2021vs Q2 2020$4.3MM$7.0MM
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Seattle Bank CD Rates

0.85%$1k-60 Month CD
0.80%$1k-48 Month CD
0.75%$1k-36 Month CD
0.65%$1k-24 Month CD
0.55%$1k-12 Month CD
0.35%$1k-9 Month CD
0.25%$1k-6 Month CD
0.15%$1k-3 Month CD

Seattle Bank IRA Rates

0.85%$500-60 Month IRA
0.80%$500-48 Month IRA
0.75%$500-36 Month IRA
0.65%$500-24 Month IRA
0.55%$500-12 Month IRA
0.35%$500-9 Month IRA
0.25%$500-6 Month IRA
0.15%$500-3 Month IRA

Seattle Bank Locations
Seattle Bank600 University Street, Suite 1850Seattle, WA 98101

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