Washington Savings Bank (PA) Offers Competitive 48-Month CD

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Availability: Market area is primarily metropolitan Philadelphia, including nearby New Jersey

Pennsylvania-based Washington Savings Bank started the month off by raising the rates on its 48-month CD (2.05% APY) and 60-month CD (2.20% APY). The minimum deposit for either CD is $500, with no balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.75%$500-Washington Savings Bank (PA)60 Month CD
1.75%$250-Washington Savings Bank (PA)60 Month IRA (Traditional, Roth, CESA)
1.70%$500-Washington Savings Bank (PA)48 Month CD
Accounts mentioned in this post. Rates as of December 7, 2016.

The 60-month CD is available as an IRA (Traditional, Roth, CESA), earning the same APY, but with a lower minimum deposit of $250. The 48-month CD is not offered as an IRA.

According to CSR, the Early Withdrawal Penalty for both CDs is six months interest.

Availability

Headquartered in Philadelphia, Washington Savings Bank’s market area is primarily the metropolitan Philadelphia area, but also includes nearby New Jersey communities.

Opening a CD (or any other type of account) with Washington Savings Bank requires a visit to any of five Pennsylvania branches, all located in Philadelphia.

Currently, Washington Savings Bank’s online banking platform is limited to account management, bill payment services, and mortgage loan applications.

Bank Overview

Washington Savings Bank (FDIC Certificate # 29281) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 6.52% (excellent) based on September 30, 2015 data. Washington Savings Bank has an average capitalization level of 9.09%, a result of holding $156.38 Million in assets with $14.23 Million in equity. Please refer to our financial overview of Washington Savings Bank for more details.

I can’t imagine a more "All-American" name for a bank than Washington Savings Bank, so I was a bit surprised to discover that the Bank was originally established as the Kazimierz Wielki Savings and Loan Association in 1903. (For those of you whose world history is a bit rusty, Kazimierz Wielki (Casimir III the Great) was the King of Poland from 1333 to 1370.) The Savings and Loan Association was formed to serve the large Polish immigrant population of Philadelphia. While the name has changed, the Bank still sees itself as a community bank and has been a member of the Independent Community of Bankers for more than 25 years.

How the CDs Compare

When compared to the 334 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Pennsylvania residents, Washington Savings Bank’s 48-month CD currently ranks third.

When compared to the 343 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Pennsylvania residents, Washington Savings Bank’s 60-month CD currently ranks sixth.

The above rates are accurate as of 12/8/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

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