Seattle Bank Boosts Nationally-Available Long-Term CD Rates

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Availability: CDs – 60-month (4.70% APY), 48-month (4.65% APY), and 36-month (4.60% APY), $1k minimum deposit.

Availability: Nationwide through online application

After across-the-board rate increases of 20 bps late this week, the long-term CDs in Seattle Bank’s product line have become quite competitive. Of the three long-term CDs, the 60-month CD is the most noteworthy. In fact, the 60-month CD has the highest APY currently offered on nationally-available 5-year CDs with minimum deposits ≤$10k. Seattle Bank CDs can be opened with a $1k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.70%$1k-Seattle Bank60 Month CD
4.65%$1k-Seattle Bank48 Month CD
4.60%$1k-Seattle Bank36 Month CD
Rates as of February 4, 2023.

The CDs are also available as IRA CDs (earning the same APYs), but IRA CDs must be opened in-branch, with no online or phone openings possible.

As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:

Penalties may affect principal balance and are as follows:

    90 days interest for terms less than or equal to 12 months, and 180 days interest for terms over 12 months.

Availability and Account Opening

Headquartered in Seattle, Washington, Seattle Bank previously offered its services and product line to the residents of Washington State. Seattle Bank expanded its market area and has been offering its product line on a nationwide basis for almost a year.

On a historical note, the online application used to suggest that out-of-state applicants could possibly open a CD: “If you reside outside of the state of Washington, your application will be considered on a case-by-case basis.” The new market area has done away with the “case-by-case basis” caveat.

Opening a CD can be opened online, by phone (206.281.1500), or at the sole Washington branch, located on University Street in Seattle.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, or internal transfer.
  • Interest – Compounded daily/credited quarterly, with option of recurring quarterly deposit into a Seattle Bank liquid account.
  • Maturing Funds – Wire, check, or internal transfer.
  • Beneficiaries – Unlimited (application can accommodate four), equal shares, Social Security numbers not required, must be a person – no trusts or charities.
  • Grace Period –10 calendar days before automatic renewal.
  • Credit Check – ChexSystems.

Bank Overview

Seattle Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.64% (excellent), based on June 30, 2022 data. In the past year, the Bank has increased its total non-brokered deposits by $27.11 million, an excellent annual growth rate of 5.46%. Please refer to our financial overview of Seattle Bank (FDIC Certificate # 35139) for more details.

Seattle Savings Bank was founded in 1999 by Seattle Mortgage as an institution to attract deposits that could be used to make loans. In 2008, as a surge of bad loans hit, the 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, the newly re-branded Seattle Bank formed 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 21st largest bank headquartered in Washington, with assets in excess of $751 million.

In November 2022, Seattle Bank launched its CD Valet, “A One-Stop Shop For Unbiased Certificate of Deposit Rates.” According to a Seattle Bank press release:

CD Valet is an easy-to-use website and mobile app that deliver the most relevant and unbiased CD rates in terms from one to five years from nearly 500 banks and credit unions serving Washington, California, Idaho, Oregon and Arizona. Key features of the site include daily rate updates and a “Promos” section spotlighting exceptional CD offers with unique maturities, rate-adjustment options and add-on capabilities. CD Valet also provides portfolio management tools to track earnings and maturities, as well as calculators to determine the cost of breaking an existing CD and reinvesting in a new CD for a potentially higher return. Subscribers can also set up alerts to be automatically informed about rate changes, CD maturity dates, and more.

How the 60-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, have fixed rates, and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Seattle Bank 60-Month CD. The following table compares the 60-Month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.70%60-Month CD (EWP=180 days)Seattle Bank
4.63%5-Year Fixed CD (EWP=600 days)Lafayette Federal Credit Union
4.59%60-Month Senior Citizens CD (EWP=180 days)State Bank of India (IL)
4.55%60-Month Popular Direct CD (EWP=730 days)Popular Direct
4.44%60-Month Share Certificate (EWP=180 days)GTE Financial

How the 48-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, have fixed rates, and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Seattle Bank 48-Month CD. The following table compares the 48-Month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.75%49-Month Share Certificate Special (EWP=365 days)NASA Federal Credit Union
4.65%48-Month CD (EWP=180 days)Seattle Bank
4.58%5-Year Fixed CD (EWP=480 days)Lafayette Federal Credit Union
4.50%48-Month CD (EWP=180 days)Crescent Bank
4.47%48-Month Popular Direct CD (EWP=365 days)Popular Direct
4.33%48-Month Share Certificate (EWP=180 days)GTE Financial

How the 36-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, have fixed rates, and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Seattle Bank 36-Month CD. The following table compares the 36-Month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.84%30-Month Share Certificate Special (EWP=182 days)Genisys Credit Union
4.65%30-Month CD (EWP=180 days)Crescent Bank
4.60%36-Month CD (EWP=180 days)Seattle Bank
4.60%36-Month CD (EWP=190 days)CFG Bank
4.60%36-Month Share CD (EWP=180 days)Alliant Credit Union

The above information and rates are accurate as of 2/4/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Seattle CD rates, 5-year CD rates, nationwide deals

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.