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impose a penalty of 12 months interest on the amount withdrawn.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.
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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.25% APY||3-Year Senior Citizen CD (no add-on)||State Bank of India (IL)|
|3.10% APY||3-Year CD (no add-on)||WebBank|
|3.00% APY||33-Month CD Special ($500 min/$250k max)||West End Bank|
|3.00% APY||3-Year Rising CD ($25k min/$500k max)||Rising Bank|
|2.90% APY||3-Year Term Deposit Plus ($5 min/$100k max)||Mountain America Credit Union|
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.