Seattle Bank Has Competitive CDs Statewide, 60-Month, 3.30% APY
Seattle Bank recently raised the rates on the majority of its CDs, resulting in competitive rates across the board. Any of the CDs can be opened with a $1k minimum deposit, with the “maximum balance per CD between $210,000 and $245,000, depending on the term.” (The maximum balances are detailed on the Deposit Rates page.)
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.85% | $1k | - | Seattle Bank | 60 Month CD | |
| 0.80% | $1k | - | Seattle Bank | 48 Month CD | |
| 0.75% | $1k | - | Seattle Bank | 36 Month CD | |
| 0.65% | $1k | - | Seattle Bank | 24 Month CD | |
| 0.55% | $1k | - | Seattle Bank | 12 Month CD |
Interest is compounded daily and paid quarterly, with dividends either reinvested or deposited into a Seattle Bank checking or savings account.
The CDs are also offered as IRAs (Traditional and Roth), earning the same APYs but requiring only a $500 minimum deposit.
According to CSR, partial withdrawals are permitted. The Early Withdrawal Penalty for CDs with terms of less than 12 months is 90 days dividends and 180 days dividends for terms of 12 months or greater.
Funding can be done by ACH, wire, or check. Maturing funds will be distributed via cashier’s check or can be transferred to another Seattle Bank account (checking/savings). There is a 10-day grace period before a CD automatically renews.
Beneficiaries can be named, with percentages assigned, if so desired. Social Security numbers are NOT required when naming beneficiaries.
Availability
Headquartered in Seattle, Washington, Seattle Bank is a community bank that offers its services and product line to the residents of Washington State.
The online application does contain a caveat that suggests out-of-state applicants might be able to open a CD: “If you reside outside of the state of Washington your application will be considered on a case-by-case basis.” CSR wasn’t able to provide any insight other than “the eligibility of out-of-state applicants will be determined on a case-by-case basis.”
Opening a CD can be opened online, or at the sole Washington branch, located on University Street in Seattle.
Bank Overview
Seattle Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 17.97% (above average), based on March 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $206.52 million, an excellent annual growth rate of 44.91%. Please refer to our financial overview of Seattle Bank (FDIC Certificate # 35139) for more details.
Seattle Bank’s 20th anniversary is less than six weeks away, having been founded in 1999 by Seattle Mortgage as an institution to attract deposits with which to make loans. In 2008, as a surge of bad loans hit, Seattle Bank was deemed “significantly undercapitalized” by Federal Regulators and told to “clean up its act and find new capital or a buyer.” In what would be a feel-good ending in a movie, Seattle Bank found a group of more than 60 local investors who recapitalized the Bank in 2010 with $50 million. Since then, Seattle Bank has grown to become Washington’s 20th largest bank, with assets in excess of $608 million.
How the CDs Compare
When compared to 257 similar length-of-term CDs tracked by DepositAccounts.com that are available in Washington State, Seattle Bank’s 60-month CD APY currently ranks second.
When compared to 319 similar length-of-term CDs tracked by DepositAccounts.com that are available in Washington State, Seattle Bank’s 12-month CD APY currently ranks second.
The above rates are accurate as of 6/26/2019.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
