Last week, Washington Trust added an 18-month Promotional CD (1.80% APY). The minimum deposit is $500 of new money, which is defined as “funds from sources other than Washington Trust.” This is limited-time offer also requires a checking account relationship.
According to CSR, the Early Withdrawal Penalty for the 18-month Promotional CD is six months interest.
All three of Washington Trust’s checking accounts qualify for this promotion. The best option would probably be the Freedom Checking, which has no monthly maintenance fee. A Freedom Checking account can be opened with a $50 minimum deposit.
|0.05%||$1,500||-||Washington Trust Company||Freedom Plus Checking|
|0.01%||$5k||-||Washington Trust Company||eChecking|
|0.01%||$5k||-||Washington Trust Company||Freedom Checking|
Headquartered in Westerly, Rhode Island, Washington Trust’s market area includes Rhode Island, southeast Connecticut, and that portion of Massachusetts near Providence (RI), with eligibility determined by Zip Code.
Opening the 18-month Promotional CD can be done by calling the Customer Solutions Center (CSC) at 800.475.2265, or in person at any of 20 Rhode Island branches located in Block Island, Charlestown, Cranston (3), East Providence, Johnston, Narragansett (2), North Kingstown, Providence (2), Rumford, South Kingstown, Warwick (2), Westerly (3), and Wyoming. The Bank also has a branch in Mystic, Connecticut.
Washington Trust has an online application, which starts the account opening process. Upon receipt and review of the application, CSC will contact you to confirm the information and will mail any necessary forms.
Currently, the 18-month Promotional CD is not listed on drop-down menu on the online application. CSR stated that this shouldn’t present a problem, since all information is verified during the follow-up phone call. CSR suggested selecting the 1-year CD to complete the form and begin the process.
Washington Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.24% (excellent) based on March 31, 2017 data. In the past year, Washington Trust has increased its total non-brokered deposits by $177.73 million, an excellent annual growth rate of 8.35%. Please refer to our financial overview of Washington Trust (FDIC Certificate # 23623) for more details.
Washington Trust is the oldest community bank in the country, having been founded in 1800 as the Washington Trust Company, named for the new nation’s recently deceased first president. After 217 years of continuous operation, Washington Trust is Rhode Island’s second largest bank, with assets in excess of $4.3 billion and more than 110,000 customer accounts.
The Bank’s website provides a few “fun facts” that put the Bank’s long history into perspective.
We were the first bank to print George Washington’s likeness on currency — 69 years before President Washington appeared on the federally issued one-dollar bill and 132 years before the Washington quarter appeared.
We are 86 years older than the Statue of Liberty.
We celebrated our 60th anniversary the year Abraham Lincoln won the Presidency.
How the Promotional CD Compares
When compared to the 187 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Washington Trust's 18-month Promotional CD APY currently ranks first.
The above rates are accurate as of 7/27/2017.