In the past few months, long-term CDs with competitive rates as been somewhat a rarity, with the most activity seen in short-term CDs. Sewickley Savings Bank (PA) disrupted that trend earlier this week, by raising rates on its 5-Year CD (2.00% APY) and 7-Year CD (2.50% APY).
The minimum deposit for either of these CDs is $500, with no balance cap. Both CDs are also available as IRAs (Traditional), with the same funding requirements, but at slightly higher rates: 5-Year IRA (2.02% APY) and 7-Year IRA (2.51% APY).
When I spoke with CSR, I was expecting to get a standard answer as to the Early Withdrawal Penalty (EWP). The extremely helpful CSR offered two answers: the short version and the long version. The short version is the EWP is a percentage of the principal, based on the time left on the CD until maturity.
The long version is detailed and specific, to the point of making both of us chuckle as she read it to me:
% of Principal
Time Left Until Maturity
Less than 91 days
92 - 182 days
183 - 365 days
366 - 730 days
731 - 1,095 days
1,096 - 1,460 days
1,461 - 1,825 days
Headquartered in its Pennsylvania namesake, Sewickley Savings Bank offers deposit accounts to the residents of Allegheny, Beaver, Butler, and Washington Counties. All four counties are included in the Pittsburgh Metropolitan Statistical Area.
Opening an account with Sewickley Savings Bank requires an in-person visit to any of the three branches located in Coraopolis, McKees Rock, and Sewickley. Currently, online banking is limited to account management and bill payment.
Sewickley Savings Bank (FDIC Certificate # 30154) has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 0.06% (excellent) as of December 31, 2014. Sewickley Savings Bank has an excellent capitalization of 25.68%, a result of holding $312.7 Million in assets, with $80.29 Million in equity. Please refer to our financial overview of Sewickley Savings Bank for more details.
Sewickley Savings Bank has just begun its 131st year of continuous operation servicing the Pittsburgh area’s northern and western communities. Sewickley Savings Bank takes its commitment as a community-oriented institution seriously and through its nonprofit organization, the Secoro Foundation, maintains an endowed scholarship at nearby Robert Morris University, in addition to participating in community activities, including Rebuilding Together Pittsburgh and Home Improvement Day at Union Aid Society.
Thanks to Wikipedia for insight on the word "sewickley:"
Sewickley is thought to be a Native American word meaning "sweet water." Historians dispute if Native Americans were referring to the Ohio River as the "sweet water" or instead to the syrup derived from a local abundance of maple trees.
How the CDs Compare
When compared to other similar length of terms CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Pennsylvania residents, Sewickley Savings Bank’s 7-year CD is currently at the top of the list.
There are currently 27 different 5-Year/60-Month CDs with a 2.00% APY, and 23 different 5-Year/60-Month CDs with APYs higher than 2.00% available to Pennsylvania residents. Therefore, I have chosen not to provide a table..
The above rates are accurate as of 4/9/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.