Finding the best CD rates in Washington can be a real challenge. There are so many options and different banks to choose from, and comparing them all is nearly impossible. Each CD account has its own advantages and disadvantages.
For instance, some accounts offer higher interest rates for short-term CDs, while others are more suitable for long-term investments. Some accounts may have good rates but come with certain restrictions, while others provide more flexibility but lower rates. You also have to consider how much money you need to deposit and whether there are any fees for early withdrawal.
This article provides a quick overview of some of the top CD accounts in Washington. However, remember that it's not just about getting the highest rates. You should also consider the duration that suits your needs, the minimum deposit requirement, and any penalties for early withdrawal.
Ally Bank
APY Range
Minimum Deposit
Terms
Fees
Ally Bank offers good rates for CDs and different options with varying lengths, from three months to five years. This lets people in Washington choose the option that suits them best. Ally also has a special CD allowing you to take out your money early without penalty.
One great thing about Ally is that their fees for taking out your money early are low. They charge much less compared to other banks and credit unions.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 3.00% | 60 days of interest
|
6 Months | 4.40% | 60 days of interest
|
9 Months | 4.25% | 60 days of interest
|
12 Months | 4.50% | 60 days of interest
|
11 Months – No Penalty | 4.00%
| / |
18 Months | 4.45% | 90 days of interest
|
36 Months | 4.00% | 90 days of interest
|
60 Months | 3.90% | 150 days of interest
|
Although Ally Bank is relatively young, starting in 2009, it has quickly become well-known in the industry. They provide a wide range of financial services like savings accounts, money market accounts, loans, mortgages, checking accounts, investments, and retirement services.
First Internet Bank
APY Range
Minimum Deposit
Terms
Fees
First Internet Bank offers people in Washington various competitive interest rates for CD products. Their rates are better than what other banks and credit unions offer. Plus, the minimum deposit requirement is reasonable, making it easy for customers to access these services.
However, it's important to know that First Internet Bank charges higher fees for withdrawing money early than other banks and credit unions.
Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 4.14% | 90 days interest
|
6 Months | 5.13% | 180 days interest |
12 Months | 5.26% | 180 days interest |
18 Months | 4.98% | 180 days interest |
24 Months | 4.76% | 360 days interest |
36 Months | 4.61% | 360 days interest |
48 Months | 4.45% | 360 days interest |
60 Months | 4.50% | 360 days interest |
Founded in 1998, First Internet Bank of Indiana is an online bank that serves customers all over the United States. They proudly claim to be the first internet-only bank that is insured by the FDIC.
LendingClub
APY Range
Minimum Deposit
Terms
Fees
LendingClub Bank doesn't have many types of CDs like other banks, but they have good options available. They only offer traditional CDs, but the interest rates are competitive for all their CDs.
You need to deposit a high minimum amount, $2,500. Your deposits are protected by FDIC insurance, and you have 10 days to either take out the money or add more before it automatically renews.
Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 months
| 5.00% | 90 days of interest |
12 months | 5.15% | 90 days of interest |
18 months | 5.00%
| 180 days of interest |
24 months
| 4.50% | 180 days of interest |
36 months | 4.30% | 180 days of interest |
60 months | 4.00% | 180 days of interest |
LendingClub is a financial company based in San Francisco, California. They started as a lender where people lend to each other, and later they also started offering personal banking and investment opportunities.
Discover Bank
APY Range
Minimum Deposit
Terms
Fees
Discover Bank offers competitive CD rates that match up well against other banks and credit unions for almost any term. This makes it convenient to find the right option for your savings goals or to create a CD ladder.
If you're interested in opening a CD with Discover, you'll need to deposit at least $2,500. Discover Bank is one of the few banks that provides a 10-year CD. While they do have early withdrawal penalties, these penalties are reasonable and depend on the duration of your CD.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.00% | 3 months interest
|
6 Months | 4.25% | 3 months interest
|
9 Months | 4.25% | 3 months interest
|
12 Months | 4.70% | 6 months interest
|
18 Months | 4.40%
| 6 months interest |
24 Months | 4.00% | 6 months interest |
30 Months | 3.75% | 6 months interest |
36 Months | 3.75% | 6 months interest |
48 Months | 3.75% | 9 months interest |
60 Months | 3.75% | 18 months interest |
120 Months | 3.75% | 24 months interest |
If you reside in Washington and are seeking a dependable bank with exceptional customer service and a wide range of banking products, Discover Bank is an excellent choice.
Quontic Bank
APY Range
Minimum Deposit
Terms
Fees
Quontic Bank offers competitive CD rates, some of which are among the highest available. There are only five terms, but they should be sufficient for most investors. Additionally, the minimum deposit required is low. However, it's important to note that there are high penalties for withdrawing funds early.
Opening a CD account with Quontic Bank is a simple process that can be done online in just a few minutes. You can transfer funds from another bank via wire transfer, ACH transfer, or mail. Alternatively, you can use funds from an existing Quontic account.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
6 Months | 5.05% | All interest earned |
12 Months | 4.50% | 12 months of interest |
24 Months | 4.50% | 12 months of interest |
36 Months | 4.40% | 24 months of interest |
60 Months | 4.30% | 24 months of interest
|
Quontic Bank is an online bank headquartered in New York. It has been in operation since 2009 and serves customers from all 50 states through its online platform.
TIAA Bank
APY Range
Minimum Deposit
Terms
Fees
TIAA Bank is a great choice for those looking for CD laddering as it offers some of the highest interest rates in addition to a low minimum deposit and a variety of different terms.
CD Term | APY |
|---|---|
3 Months | 4.00% |
6 Months | 4.00%
|
9 Months | 5.25%
|
12 Months | 5.00%
|
18 Months | 4.60% |
24 Months | 4.40% |
30 Months | 4.10% |
36 Months | 4.10%
|
48 Months | 4.05%
|
60 Months | 3.95%
|
TIAA Bank is a well-known U.S. bank that provides various banking and lending services to individuals and institutions. It's a division of TIAA, a trusted financial services organization.
Chase
APY Range
Minimum Deposit
Terms
Fees
Regular banks usually have low CD rates, but we decided to offer an option for people in Washington who want a reliable bank with many branches and different products.
Chase, the biggest bank in the US, has more than 20 branches in Washington and offers competitive CD rates, but only for certain periods. So, choosing carefully is important because not all CD periods have good interest rates.
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 2.00% | 90 days of interest |
6 Months | 3.00% | 180 days of interest |
9 Months | 4.00% – 4.75% | 180 days of interest |
12 Months | 2.00% | 180 days of interest |
18 Months | 2.50%
| 180 days of interest |
24 Months | 2.50% | 365 days interest |
30 Months | 2.50% | 365 days interest |
36 Months | 2.50% | 365 days interest |
48 Months | 2.50% | 365 days interest |
60 Months | 2.50% | 365 days interest |
120 Months | 2.50% | 365 days interest |
It's a good idea to check the special periods available and talk to a bank representative about the current opportunities.
Also, if you have a large amount of money to deposit, Chase, being a traditional bank, allows for negotiating rates. So, if you're in that situation, it's smart to take advantage of this opportunity and get the best rate possible.
Sign Up for
Our Newsletter
No Penalty CDs In Washington
It's challenging to find a no-penalty option for Washington. Unfortunately, only a few banks and credit unions, like CIT Bank, Ally Bank, and Citi, offer no-penalty CDs. However, these CDs' interest rates are usually lower than regular CDs.
If you're searching for a no-penalty option for Washington, you might want to consider a savings account instead. Savings accounts offer the flexibility to withdraw your money anytime and are widely available at most banks and credit unions in Washington. In many cases, they even provide higher interest rates than you can get with no-penalty CDs.
Can I Find Better CD Rates In Washington
Yes, finding better rates for specific terms at different banks and credit unions in Washington is possible. It's a good idea to compare them because rates can change frequently, and sometimes there are special offers for specific terms.
The list provided includes the best CD rates in Washington and considers other factors like the minimum deposit, early withdrawal fees, and ease of use.
These banks and credit unions cater to different types of customers in Washington, including individuals saving for emergencies, families saving for a down payment, and people who prefer traditional banks, credit unions, and even online banking.
We have covered them all, offering very competitive rates and better-than-average CD conditions.
Compare CD Rates Side By Side
Best CD Rates In Washington: Research Methodology
The Smart Investor team extensively researched to identify the best CD rates in Washington. We assessed them based on four main categories:
- Interest Rates and Terms (50%): We examined the interest rates offered by CD accounts in Washington and any accompanying terms, such as the duration of the CD term, early withdrawal fees and minimum deposit requirements. CD accounts with higher interest rates and more favorable terms received higher ratings in this category.
- Account Features (20%): This category evaluated additional features offered by CD accounts, such as the option for automatic renewal at maturity, flexibility in terms of interest payout frequency (e.g., monthly, quarterly, or at maturity), and any special promotions or bonuses. CD accounts with extra features and flexibility earned higher scores.
- Customer Experience (20%): We analyzed the ease of opening a CD account, communication with customer service representatives, the usability of online banking platforms (tested by our team), and the availability of support channels. CD accounts offered by banks with user-friendly interfaces, responsive customer support, and efficient digital banking tools received higher ratings.
- Bank Reputation (10%): Our team scrutinized each bank's reputation based on factors such as customer satisfaction ratings, JD Power scores, TrustPilot reviews, and the bank's Better Business Bureau (BBB) profile. Banks with positive reputations and minimal customer complaints regarding CD account services received higher ratings.
We assigned weights to various features and qualities within each category to ensure a comprehensive evaluation of each CD account's offerings. Our ratings were based on a combination of these factors to assist consumers in selecting the best CD account in Washington to meet their financial needs.
