bank rates

Competition Spurs CD Rates In Northwest

Banks in the Pacific Northwest appear to be doing something we haven’t seen in almost a year — competing for our money.

Calling this a rate war would be a stretch.

A couple of regional banks, and even some community banks, in the Pacific Northwest are offering some of the most competitive CD rates in the country.But a couple of regional banks are offering some of the best CD rates you’ll find anywhere in the country.

Frontier Bank, which has more than 40 branches in Washington and Oregon, is paying 2.60% APY on 24-month certificates of deposit with a $500 minimum deposit.

Invest at least $50,000 and you can earn 2.70% APY.

That topped our August rankings of the best, nationally-available 24-month CD rates.

Banner Bank is paying 2.50% APY on a 21-month CD, with a minimum deposit of $2,500.

You must apply online to get the Internet special, but it’s only open to residents of Washington, Oregon and Idaho, where Banner operates more than 100 branches and loan offices.

Community banks have leapt in, some with even better rates.

The Bank of Oswego, with two branches in Lake Oswego, Ore. is offering 2.75% APY on a 24-month CD with a $1,000 minimum deposit.

Although it says the rate is available nationwide, you can’t apply on-line. To open an account you have to speak with a customer service representative at 503-635-1699.

We wouldn’t be surprised if interest in this CD swamped Bank of Oswego’s phone lines and quickly forced it to limit this rate to local customers.

But with CD rates at or near record lows, savers need more of this.

Click here to compare these deals with the best CD rates from dozens of other banks in our extensive database.

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Comments (5)
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5 Existing Comments
  1. Mas Dhani said:
    on August 29th at 04:34 pm

    I get more useful information here.

  2. Julio said:
    on August 31st at 09:56 am

    Darby Direct (GA) has a 36 month Step Up CD with 10 day grace period each anniversary in which you could withdraw part or close the CD penalty free. 1st yr 3%, 2nd yr 4%, and 3rd yr 5%. Effective rate over the 36months would be 4%. If you close the CD after the first year, you would have a 3% 12month and after the 2nd yr, you would have a 3.5% 24month CD. Nice CD for those in GA.

  3. Julio said:
    on August 31st at 10:01 am

    Sorry, should have realized that the post was about the Northwest, and my comment was about the Southeast. My apologies.

  4. Tinda said:
    on August 31st at 12:05 pm

    I checked the Darby Direct website about 36 months step up CD. It does not anywhere says one may withdraw after one year or two year without any early withdrawl penalty? Are you sure one can withdraw after one year?

  5. Julio said:
    on September 2nd at 11:33 am

    Tinda, I’m quite sure as I opened two of these recently. I got a promotional email and then the CD agreement states it in the terms. I followed the link in the email and it took me to the same page as the link on the home page does, so I don’t think the terms are exclusive to those who got the email. I would call customer service just to confirm if you are interested in this CD.