West End Bank Offers Nationally Available Add-On CD Specials


Deal Summary: CD Specials – 33-month (3.00% APY), 22-month (2.75% APY), $500 min/$250k max deposit, unlimited additional deposits.

Availability: CD Specials are available nationwide.

About nine months ago, Indiana-based West End Bank introduced its first nationally available account – an Online Savings account earning 1.75% APY on all balances. That account is still offered nationwide, with the 1.75% APY still in effect.

West End Bank’s latest foray in nationally available products includes two CD Specials (33-month, 3.00% APY; 22-month, 2.75% APY), which feature unlimited additional deposits through the term.

Either CD Special can be opened with a $500 minimum deposit and “additional deposits can be made at any time during the term of the CD up to the maximum” balance cap of $250k. CSR confirmed that (other than the $250k maximum deposit level) there are no restrictions on either the number of additional deposits allowed or the minimum dollar amount of each additional deposits. These CD Specials could prove to be a convenient place to park funds should rates continue to fall, with the $500 opening deposit making it relatively painless to open.

As stated in the Deposit Account Agreement document, the Early Withdrawal Penalty for both CD Specials reads as follows:

If you withdraw any of the principal before the maturity date, we may
impose a penalty of 12 months interest on the amount withdrawn.

The Deposit Account Agreement also lists a $25 early withdrawal fee, in addition to the penalty imposed.

In a Live Chat, CSR stated,

The initial deposit would be by either an ACH transfer or a credit card that you would input as part of the application process. For the additional deposits, you can mail a check or set up an ACH via your other bank's bill pay site.

There is a 7-day grace period before the CD Special will automatically renew. Maturing funds can be distributed through a cashier’s check or wire, or can be transferred to another existing West End Bank account.


Headquartered in Richmond, Indiana, West End Bank’s primary market area includes Wayne and Union Counties in east central Indiana, but the CD Specials (like the Online Savings account) are being offered on nationwide basis, through the Bank’s online application.

Opening a CD Special can be done online, or at any of the four Indiana branches located in Hagerstown, Liberty, and Richmond (2).

Bank Overview

West End Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.56% (excellent), based on December 31, 2018 data. The Bank has an above average capitalization level (10.98%), the result of holding $299.48 million in assets with $32.87 million in equity. Please refer to our financial overview of West End Bank (FDIC Certificate # 28807) for more details.

West End Bank is a community bank that has been serving the residents of east central Indiana since 1894. Originally known as the West End Building & Loan Association, the Bank had three name changes between 1986 and 2005, with “West End” always part of the name. West End Bank is currently Indiana’s 49th largest bank, with assets in excess of $299 million.

How the CD Special Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationwide and allow add-on deposits, West End Bank’s 33-month CD Special APY ranks first, tied with Rising Bank. The small minimum and the unlimited additional deposits (up to $250k) give it important advantages over the Rising Bank CD. Two top standard 3-year CDs (with no add-on options) are listed so APYs can be compared.

The above rates are accurate as of 3/28/2019.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Indianapolis CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
Great to see another Add-on CD come to market. Great find, Ken! It's awesome to buy cheap rate insurance.
  |     |   Comment #2
Better be focused and on top of this at maturity with only a 7 day grace period.
  |     |   Comment #3
This is a good deal for anyone not already protected with an add-on CD. The $500 buy-in is reasonable . . . even inexpensive. Everyone should consider an add-on CD given the uncertainties which today abound. I have one and I'm glad I do. An insurance policy that pays interest; what's not to like!
  |     |   Comment #4
If I did not have 5yr 3.25% addon at FreedomCU, I'd open this one. By having 4 beneficiaries, I can easily add up to $1M (minus interest to be earned) in insured funds to that 1 CD.
Bill Barr
  |     |   Comment #5
There is a $250K maximum.
  |     |   Comment #6
Bill Barr -- check the NCUA Insurance Estimator. One owner, four beneficiaries (all living). There is no "$250K maximum."

Go to https://www.mycreditunion.gov/insurance-estimator
  |     |   Comment #7
The 250K maximum is at West End Bank, the subject of this post.
  |     |   Comment #8
typical uninformed response.
the CD HAS 250K Max
Bill Barr
  |     |   Comment #10
Please see comments #7 and #8, below.
  |     |   Comment #12
Bill Barr, if you read my post carefully, you'll see that my CD is at FreedomCU, which does not have $250k maximum. So with 4 beneficiaries, it will be NCUA insured to $1M.
  |     |   Comment #9
Anyone have a clue about what kind of credit pull they do?
  |     |   Comment #11
They said no hard credit pull, just chex
  |     |   Comment #13
I applied for the 33 month on line special yesterday, and spoke with them directly to follow up. At that time they said it should be processed within a day or two. Today I received a call that they have discontinued the offer, even for those who have already applied.
  |     |   Comment #14
Yikes! This is almost becoming a CD bloodbath. 2008 redux, but for CD folks? I have an application in-process here as a rate insurance "backup to a backup", but I guess it's probably dead now.
  |     |   Comment #15
Yes, I was hoping for the rate insurance as well. I’m glad I applied for the 60 month GTE add-on, and was approved today. They were extremely responsive there.
  |     |   Comment #16
When did you apply to GTE CU, and their add-on? I've been following that thread here, sort of. I may try that Monday 4/1/19, depending on what the rates are...
  |     |   Comment #19
I applied on Wednesday, and followed up with a call on Thursday, when they said I should hear back ‘soon’. I called back again Friday afternoon, and was told it should be completed by Monday. When I expressed concern that the rate might change by then, the CSR pushed it through Immediately. They were very pleasant and professional.
  |     |   Comment #17
Nice that they still advertise it on their web site.
  |     |   Comment #21
Yep. And still there as of 3/30/19, 11:16 AM Central Time.
  |     |   Comment #20
I applied for this a few days ago and just called sat morning to check on it . The csr said this special got posted online somewhere and that they were deferring out of state applications for now . Told me to call back Tuesday and they would hopefully figure out what to do by then . think am about 0 for my last 4 cd deal attempts .
  |     |   Comment #22
I find it darkly humorous that the CSR told you "this special got posted online somewhere...". SOMEWHERE? It's on their own [blanking] website, for God's sake, front and center! As is the online application. Honestly, where do some of these financial institutions find some of their CSRs?
  |     |   Comment #23
I believe the CSR was referring to the post here at Deposit Accounts as the “online somewhere”.
  |     |   Comment #24
Upon further reflection - you're probably right. Guess I'm just frustrated. Still, I've seen CSRs from some banks that literally did not know the offers on their own websites.
  |     |   Comment #25
Is this some sort of scam ? I will be reporting the collection of my personal and banking information by this bank. They denied my app, "out of market area" ---but they still plan on keeping my information on file. WHY ? !
  |     |   Comment #31
Why?  Because your personal data is valuable on the open market. They can sell it and make money for their bank. You have been scammed.
  |     |   Comment #26
I applied March 29th for West End Bank's 33 month add-on CD. They denied my application April 2nd -- "out of our market area" (59 miles). I spoke with the manager, who confirmed the denial. I then left a message for the senior vice-president, asking her to honor it and to return my phone call. We'll see.
  |     |   Comment #27
Available nationwide?
Just called them and Marry said that all CD deals are offered only in 59 miles radius from Richmond IN.
I will try to open online anyway a 33-month CD to see what would happen.
  |     |   Comment #28
Do I need to live in Indiana ?

Amanda: at 13:16:49
Yes, we are only accepting local applications for that product at this time.
drain the swamp
  |     |   Comment #29
i dont blame them 1 bit
  |     |   Comment #30
Don't waste your time!!! They denied my application as well. Here is what they said in an email:

" All applications are reviewed before any decisions are made. This review includes application scoring current banking relationship and market area. West End Bank is not accepting funds outside of our market area at this time."

Thank you

Susan E Cappa

"We cannot guarantee that information provided by a third party is reliable and accurate to our specific institution or products. We welcome all residents within the US to submit a new account application. All applications are reviewed individually. An application does not guarantee that accounts will be approved and opened."

Thank you

Susan E Cappa
  |     |   Comment #32
I want formally, and with apology, to retract my erroneous above post, #3.  I was full of prunes.  "West End Bank" is, for this financial institution, clearly a misnomer. This outfit deserves instead to be called "Dead End Bank".

Bunch of schlubs.  Avoid like PLAGUE!  
  |     |   Comment #33
#32, QED - I'm certain that nobody blames you for anything having to with this bank. Certainly they fooled me. I've established a couple other add-on CDs since then, having nothing to do with them, so I for one am not depending on them for any "rate guarantee". So far they haven't called or emailed me a formal denial, but I'm mostly expecting that. If that happens I have a little surprise for them (based on "promises made"), which I'll post here if at all possible. But in any case - no big deal.
  |     |   Comment #34
#32, So why the change in attitude towards West End Bank? What was your personal experience with them? Why from praise to condemnation?
  |     |   Comment #36
I managed to open a 33 month add-on CD and fund it with a small amount. When I asked about add-ons this is the response I received: "Unfortunately, there is not a way for us to accept funds for deposits on a CD electronically. We can only accept a check by mail." I would find it bizarre to send a large check by snail mail. Any suggestions? Ken, can you help?
  |     |   Comment #37
#36, San Francisco - Just curious - do you really live in San Francisco, or at least outside the East Central Indiana locale of this bank? I ask because after advertising this add-on CD special a few weeks ago, and seeming to include folks outside their locale, this bank has either denied applications due to "outside of our market area", or else just left them hanging, with no response at all.
  |     |   Comment #38
Yes. I applied March 28th. They told me I was "out of their market area" but I asked them to make an exception and they did. They're pleasant people. My guess is that they were overwhelmed with applications and instead of simply withdrawing the offer they said it never was nationwide. That's just a guess, of course.
  |     |   Comment #39
I can sense the coming abuse of CSRs @WB as someone with a Small amount got Lucky
  |     |   Comment #40
#39 - To each his own. However, another point of view is that customers who called that bank, were told by CSRs "definitely, we have no problem accepting applications from any state, and we do not discriminate based on domicile", then based on that information applied on-line weeks ago (which definitely involved submitting sensitive personal data, and probably taking a ChexSystems inquiry hit also), successfully completed the online application, were then told "your application is pending", and have heard nothing from that bank since then - well, that THEY were the ones "being abused", so to speak.

Just a thought.
  |     |   Comment #41
Well said, 111. And time will tell whether I was "Lucky" (as Attitude said) to have had my application accepted, or unlucky. I'm still working out with West End Bank's manager how to put money into the CD without sending it by pony express, so to speak.
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Deal Summary: Online Savings, 1.75% APY, $1 minimum opening deposit, new money.

Availability: Online Savings is available nationwide.

Indiana-based West End Bank is offering its first nationally available account: an Online Savings account that earns 1.75% APY on all balances. The minimum opening deposit is $1.00 of new money, with no stated balance cap. There are no minimum balance requirements or monthly service fees.

When a bank first begins to offer an online savings account, it’s rare that it has an online banking platform in place that has...

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West End Bank started the week by adding a 22-month CD Special (2.20% APY). The minimum deposit is $1k, with a balance cap of $250k.

In addition to the great rate, the 22-month CD Special also has a generous add-on option.

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