CD Rates in Rhode Island

Newport, Rhode Island is located in an absolutely gorgeous section of New England.   Known for being a New England area summer resort and for the famous Newport Mansions.  The land and coastline of Newport is unsurpassed in its beauty.  A brief trip along the shore and it is easy to see why the mansions of Newport were built by the rich and famous in the mid to late 19th century.  And you can find some great bank CD rates within the regions scenic beauty as well.  

Newport, Rhode Island was founded in 1639.  180 years later, BankNewport was founded in 1819 in Rhode Island.  The bank has been FDIC insured since 1960.  BankNewport is chartered as a FDIC Savings Bank.  Therefore the primary regulator is the Federal Deposit Insurance Corporation (FDIC).  The bank is currently holding over $1 billion in assets.  Through the first nine months of 2008 the bank had a net loss of -$14,776,000.  However the bank realized securities losses of -$18,621,000 during that time and actually had a net operating income of $3,845,000.  The bank’s core capital or leverage ratio was 7.51%, the tier 1 risk-based capital ratio was 11.42% and the total risk-based capital ratio12.23%.  Non current loans remained a low 0.56% of total loans and leases.

The bank has twelve bank branches in the region.  The bank offers personal and commercial savings accounts, money market savings accounts, and checking accounts.  The bank also provides residential mortgages, home equity loans and lines of credit, and auto loans, as well as commercial real estate loans, lines of credit, and term loans.  In addition, it offers insurance, merchant, payroll, and safe deposit services.

BankNewport offers a variety of savings accounts.  With the bank’s CDs, an accountholder can earn a higher rate of interest when they lock-in to a specific term for a period of 90 days to five years.  Traditional, Roth and Education IRAs (Individual Retirement Accounts) certificates are available for periods of 6 months or more.

With a minimum deposit of $1,000.00 BankNewport provides the following CD products:

A one year CD rate is 2.00% APY.
An eighteen month CD rate is 2.25% APY.
A two year CD rate is 2.25% APY.
A thirty month CD rate is 2.25% APY.
A three year CD rate is 2.25% APY.
A four year CD rate is 2.25% APY.
And a five year CD rate is 3.00% APY.
 
The bank is also currently offering the following CD specials.  A five month CD special earns an interest rate of 2.25% APY.  A 15 month special CD rate is being offered at 2.50% APY.
 
Bank CD interest rates are subject to change.  Additional conditions may apply.  For current CD rates and account information contact the bank directly at 401-245-5522.  CD rates, account information and other disclosures can be found at the bank website, www.banknewport.com.

Tags: 18 month CD rates, BankNewport, Banks, CD rates Rhode Island, five year CD rates, one year CD rates, Rhode Island bank, savings, two year CD rates

This entry was posted on Wednesday, February 25th, 2009 at 8:59 am and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.