Washington Trust (RI/CT/MA) Adds 18-Month Promo CD

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Deal Summary: 18-month Promotional CD, 1.80%, $500 minimum deposit, new money, checking relationship required.

Availability: Market area is Rhode Island, southeast Connecticut, and the portion of Massachusetts near Providence (RI). Eligibility determined by Zip Code.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.80%$500-Washington Trust Company18 Month Promotional CD
Accounts mentioned in this post. Rates as of September 21, 2017.

According to CSR, the Early Withdrawal Penalty for the 18-month Promotional CD is six months interest.

Checking Accounts

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.05%$1,500-Washington Trust CompanyFreedom Plus Checking
0.01%$5k-Washington Trust CompanyeChecking
0.01%$5k-Washington Trust CompanyFreedom Checking
Accounts mentioned in this post. Rates as of September 21, 2017.

Availability

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.

Bank Overview

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.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our new Rates Map page.

Related Pages: Providence CD rates, Hartford CD rates, 1-year CD rates

Comments
rhutnik
rhutnik   |     |   Comment #1
In the table for the checking accounts, the minimum deposit shows $1500 but the paragraph says $50. Just a heads up.
Carpline
Carpline   |     |   Comment #2
The $1500 is the minimum required to earn the stated APY, not the minimum to open the account.
rhutnik
rhutnik   |     |   Comment #3
You're right I forgot about that, sorry!
CapitalClimate
CapitalClimate   |     |   Comment #4
Should availability summary say southEAST Connecticut as in text?
Location map shows Darien & New Haven offices but no banking services.
$100 Checking Account Bonus
Washington Trust Bank is offering $100 in bonuses for opening its Freedeom Checking account and using direct deposit and online bill payment. $50 of the bonus is for direct deposit and $50 is for paying 3 bills using online banking. The minimum balance to open the account is $50.

The Freedom Checking account has no monthly service charges. ATMs are free but there doesn't seem to be any reimbursement of surcharges for using ATMS of other banks. No interest is earned in the account except for balances over $5K although even...

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