Westfield Bank raised the rate on its 13-month CD Special to 2.75% APY earlier this week. The minimum opening deposit is $2.5k, and the maximum deposit is $250k per household. In this instance, household is defined as "all persons living at the same address.”
In the past six months, the 13-month CD Special has had four rate increases, adding a total of 129 bps.
As stated in the Account Disclosure document, the Early Withdrawal Penalty reads as follows:
If you withdraw funds from this account at any other time before the maturity
date, a penalty equal to 90 days interest may be charged to your account.
Headquartered in Westfield Center, in northeast Ohio, Westfield Bank’s primary market area includes the Ohio counties of Cuyahoga, Medina, Stark, Summit, and Wayne. According to CSR, any Ohio resident who can come into a branch can open an account.
While Westfield Bank has an online application for its checking and savings accounts, opening a CD Special must be done at any of the eight Ohio branches located in Akron, Brecksville, Canton, Cuyahoga Falls (2), Medina, Westfield Centre, and Wooster.
Westfield Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.08% (excellent) based on June 30, 2018 data. In the past year, Westfield Bank has increased its total non-brokered deposits by $46.35 million, an excellent annual growth rate of 4.67%. Please refer to our financial overview of Westfield Bank (FDIC Certificate # 57077) for more details.
Westfield Bank is a relatively young bank, having been established in 2001 as a result of the Gramm-Leach-Bliley Act (2000), which allowed insurance companies and banks to have common ownership. The Westfield Insurance company approached local banker Jon Park, and Westfield Bank opened its doors in early 2001. The initial location was a bit unorthodox: a doublewide trailer sitting in the parking lot of Westfield Insurance served as the first branch, until renovations to the historic Westfield Center Post Office could be completed and provide the Bank with a permanent home. Westfield Bank is currently the 18th largest bank in Ohio, with assets in excess of $1.4 billion and more than 22,300 customer accounts.
How the CD Special Compares
When compared to the 287 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Westfield Bank’s 13-month CD Special APY currently shares top billing with USALLIANCE Financial’s 12-month CD Special APY.
The above rates are accurate as of 9/15/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.