Rhode Island-based Washington Trust unveiled an 18-month Promotional CD (3.00% APY) about two weeks ago. This limited-time offer requires a $500 minimum deposit of new money, defined as “funds from sources other than Washington Trust.” A checking account is also required to earn the stated APY.
In April, Washington Trust offered 3.00% APY on a 4-year Promotional CD, which was a competitive rate at the time. Six months later, that same APY is being offered on a CD with a term length less than half of its predecessor.
According to CSR, the Early Withdrawal Penalty for the 18-month Promotional CD is six months of interest on the amount being withdrawn.
Washington Trust has three checking accounts and all qualify for this promotion. The best option is probably the Freedom Checking, which has no monthly maintenance fee and also earns 0.01% APY on balances of $5k+. A Freedom Checking account can be opened with a $50 minimum deposit.
Headquartered in Westerly, Rhode Island, Washington Trust’s market area includes Rhode Island, southeast Connecticut, and the portion of Massachusetts near Providence (RI). Eligibility is 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 21 Rhode Island branches located in Block Island, Charlestown, Coventry, 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 that 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.
Washington Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.23% (excellent) based on June 30, 2018 data. In the past year, Washington Trust has increased its total non-brokered deposits by $612.76 million, an excellent annual growth rate of 27.05%. Please refer to our financial overview of Washington Trust (FDIC Certificate # 23623) for more details.
Established in 1800 as the Washington Trust Company, Washington Trust is the oldest community bank in the country. Opening its doors for business only 24 years after the United States of America was founded, the Bank was named for the new nation’s recently deceased first president. After 218 years of continuous operation, Washington Trust is Rhode Island’s second largest bank, with assets in excess of $4.7 billion and more than 114,000 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 192 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 second.
The above rates are accurate as of 10/13/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.