The best CD rates available in Washington state displayed mixed results for the week ending June 5, 2009. Washington CD rates in the six month and two year terms were lower while the one year and five year terms were higher. The best six month CD rates displayed the most action with the average for the Washington six month CD rates falling from 2.13% to 2.07%. The highest six month rate belongs to North Cascades National Bank with an interest rate of 2.12%. Raymond Federal Bank has a slightly higher rate listed but the rate is on a longer, nine month term. The lowest rate is at 2.00% leading to a very tight field for short term bank CDs.
The best one year CD rate in Washington is well above the best national CD rate of 2.63%. Pacific Crest Savings is the term leader with a promotional 10 month CD that has an interest rate of 3.10%. The rates following this bank CD suffer a large drop with the next best one year rate available going down to 2.50%. A one year CD rate at 2.50% is presented at HomeStreet Bank as well as Seattle Bank.
The best two year CD rate in Washington falls just two basis points below the best two year national rate of 2.87%. HomeStreet Bank offers the best two year rate at 2.85%. Following this rate is a two year from North County Bank at 2.70%. Pacific Crest Savings’ two year CD is five basis points back at 2.65%.
Five year CD rates in Washington are trailing the best national rates by a sizeable amount. The best five year CD rate is at 3.55% and is available at ShoreBank Pacific and HomeStreet Bank. One basis point below this rate is the five year CDs of Cashmere Valley Bank and North Cascades National Bank that yield 3.51%.
CD rates in Washington are beginning to slide and finally lose their edge over the best national CD rates. Both the one year CD rates and five year CD rates are now yielding less than the best national bank rates. Six month CD rates in Washington remain strong due to the above average rate offered by Raymond Federal Bank. Raymond Federal Bank continues to offer a promotional seven month CD that has an interest rate of 2.43% well above the competition. The next best CD rate in the six month term drops to 2.15% and is available at more than one bank.
One year CD rates in Washington dropped with the highest one year CD rate being offered by both Business Bank and Summit Bank with interest rates at 2.65%. The next best one year CD rate is offered by Mountain Pacific Bank at 2.59%. Four banks offer one year CD rates at 2.50% or higher to complete the list.
Two year CD rates were down as well for the week. The highest two year CD rate is now a certificate from Business Bank that has an interest rate of 2.90%. This rate is down from last week but matches the highest CD rates available nationally. HomeStreet Bank follows with a two year CD rate of 2.85%. Only one basis point or 1/100 of a percent lower is the 30 month CD of Raymond Federal Bank that yields 2.84% down from last weeks rate of 3.15%.
The best five year CD rates in Washington remained constant but lag the best national rates. The highest five year CD rates stands at 3.55% and is promoted by HomeStreet Bank. Two banks, Cashmere Valley Bank and North Cascades National Bank, remain in second position with five year CD rates of 3.51%.
The best CD rates in Washington continue to beat the best national rates for all terms with the exception of the one year CDs. The highest six month CD rate remains unchanged with astonishingly high interest rate of 2.84% on a seven month term promotional CD presented by Raymond Federal Bank. This rate is head and shoulders above the best national rate set by Nexity Bank at 2.26% as well as the remaining top six month CD rates available in Washington. Summit Bank, Pacific Crest Savings and Frontier Bank all share the next best six month CD rate at 2.15%. North Cascades National Bank rounds this list with a six month CD that has an interest rate of 2.12%.
Banner Bank remains the holder of the best one year CD rate in Washington with a rate of 2.75% that is available on an extended 15 month term. Two banks, Summit Bank and Business Bank, follow with one ear CDs that yield 2.65%. Two more banks, HomeStreet Bank and Mountain Pacific Bank, have one year CDs that fall five basis points back at 2.60%. The highest CD rates in the one year category end with the certificate of Frontier Bank that earns a rate of 2.50%.
The depth of the highest CD rates in the two year CD rate group has deepened for the week. Raymond Federal Bank still dominates the list with a longer term, 30 month CD that earns a rate of 3.15%. The next best two year CD rate is equivalent to the best national rate of 2.90% and is being promoted by Business Bank. HomeStreet Bank dropped to third position with a two year CD that has a rate of 2.85%. Summit Bank is up next with their two year CD that yields 2.75%. North County Bank offers a two year CD at 2.70% and Pacific Crest Savings concludes the list with a two year CD rate of 2.65%.
The highest rate certificate of deposit in the five year term category remains unchanged with US Bank sitting on top with a 59 month CD that earns a rate of 3.75%. A big step down is a five year CD offered by HomeStreet Bank that has an interest rate of 3.55%. North Cascades National Bank and Cashmere Valley Bank share the next best rate with five year CDs that yields 3.51%. A mere one basis point lower is the five year CD of Pacific Crest Savings that has a rate of 3.50%. Raymond Federal Bank claims the last position with a five year CD rate of 3.36%.
The best CD rates in Washington were little changed for the week ending May 1, 2009. Most all term categories surpass the best national rates, which is becoming more significant as the national rates have risen while many of the top state CD rates have seen a reduction for the week. The highest six month CD rates are well ahead of the best national rates due to the exceptional offer of Raymond Federal Bank. Raymond Federal has a seven month promotional CD with an interest rate of 2.84%. The next best CD rate is provided by First Mutual Bank with a rate of 2.25%. Three banks follow this rate with six month CDs that yield 2.15%. The banks at 2.15% include Summit Bank, Pacific Crest Savings and Frontier Bank.
The best one year CD rates in Washington are now lagging the best national rates. The top rate is being promoted by Banner Bank on an odd term CD that matures in 15 months and has an interest rate of 2.75%. HomeTown National Bank also offers a 2.75% rate, however their rate is on a longer 18 month term. Summit Bank follows with a one year CD rate of 2.65%. Five basis points behind that certificate is HomeStreet Bank’s 18 month CD that has an interest rate of 2.60%. Raymond Federal Bank was the leader for this term but has dropped their promotional 16 month CD that had an interest rate of 3.09%.
The best two year CD rate in Washington tops the best national rates due to Raymond Federal Bank’s 30 month term CD that yields 3.15%. HomeStreet Bank follows with a two year CD rate of 2.85%. Three banks, Business Bank, HomeTown National Bank and Summit Bank all share the next best CD rate with two year CDs with interest rates of 2.75%. North County Bank rounds out the list with a two year CD that has a rate of 2.70%.
The best five year CD rate in Washington has inched down but remains above the best national rates. Raymond Federal Bank led this term category but has withdrawn the promotion and the highest CD rate is now being offered by US Bank. US Bank has a 59 month term CD with an interest rate of 3.75% that is almost 10 basis points above the national rates. HomeStreet Bank has a five year CD that is 20 basis points behind this rate at 3.55%. Two banks then share the next best five year CD rate spot, North Cascades National Bank and Cashmere Valley Bank, with rates of 3.51%. One basis point lower is the five year CD of Pacific Crest Savings that has a rate of 3.50%. Raymond Federal Bank is now in clean up with a five year CD that yields 3.36%.
CD rates in Washington were mostly a repeat of the prior week. The big story for the week is the dominance of Raymond Federal Bank in almost very term category. The bank is the leader in CD rates for the week in the six month CD rate, one year CD rate, two year CD rate and five year CD rate categories. These kinds of marketing moves by banks to gain market share usually flags our research department to investigate the bank for safety and soundness.
Raymond Federal Bank has bank branches in Raymond, Long Beach, and South Bend. The bank was established in 1925 and last year the bank had net income of $226,000.00 and assets of $59,796,000.00. Non current loans at the end of the year were only .20% of total loans and leases. Core capital or the leverage ratio stood at 8.55%, tier 1 risk-based capital ratio was 15.39% and total risk-based capital ratio was 16.01%. All of these numbers reflect a well capitalized bank that was profitable during a year that saw a lot of red ink in banking.
Raymond Federal Bank is the clear leader in the six month CD rate category. The bank has a CD that has an odd term that matures in seven months and yields a rate of 2.81%, well above the best national rate of 2.25%. The next best CD rate in Washington is also on a seven month term by First Mutual Bank that has an interest rate of 2.25%. Pacific Crest Savings and Summit Bank fall next in line with true six month terms that each have rates of 2.15%.
The highest one year CD rate on the national list sits at 2.75%. The best one year CD rate in Washington is an odd term 16 month CD offered by Raymond Federal Bank with a rate that is 34 basis points above the best national rate and sits at 3.09%. Banner Bank, HomeTown National Bank and Sound Community Bank are runners up with one year CD rates at 2.75%. The one year category concludes with the CDs of Mountain Pacific Bank that earns a rate of 2.58%.
Raymond Federal Bank takes the top spot in the two year CD rate category with fairly long term maturity CD for this grouping. Raymond Federal Bank has a 33 month CD that has an interest rate of 3.22%. This CD rate is 32 basis points above the best national two year CD rate. HomeStreet Bank lands in the next spot with a two year CD that has a rate of 2.90%. The remainder of the list is banks that all offer two year CDs with interest rates of 2.75% and includes Business Bank, HomeTown National Bank, Sound Community Bank and Summit Bank.
The unexciting highlight of the top five year CD rates in Washington is that Raymond Federal Bank leads the list. Raymond Federal Bank is marketing a five year CD with an interest rate of 3.87%. Behind this offer is the 59 month CD of US Bank that has rate of 3.75%. Cashmere Valley Bank and North Cascades National Bank follow with five year CDs that have rates of 3.51%. Pacific Crest Savings and Sound Community Bank round out the list with five year CD rates of 3.50%.
The best Washington CD rates currently offered have risen on the short end of the curve and dropped on the longer end. The biggest force on the short term CDs comes from Raymond Federal Bank which offers a promotional CD with a seven month term that has a rate of 2.81% for deposits of $7,500 or greater or 2.76% for deposits of $100.00 to $7,500. This CD rate is ½ percent higher than the best national rate. First Mutual Bank runs a distant second with a seven month CD that has an interest rate of 2.25%. Rounding out the short term CDs are the six month and seven month CDs of Yakima Federal Savings, Summit Bank and Pacific Crest Savings which all offer CDs that earn a rate of 2.15% in Washington.
The one year CD rate category in Washington actually offers some of the greatest opportunities for high yields. The best one year CD rate on the national list that stands at 2.75%. Pacific Crest Savings promotes a 10 month CD with an interest rate of 3.10% while Raymond Federal Bank is right behind that with a 16 month CD that earns a rate of 3.09%. HomeTown National Bank and Banner Bank offer rates of 2.75% on their CDs in for this category. CD rates of 2.65% close out the list and can be found at Business Bank with their one year CD and HomeStreet Bank with their 18 month CD.
Raymond Federal Bank leads the two year term category with an extended term CD that has a maturity of 33 months. This bank CD is included in this category due to the demonstrably higher interest rate offered on the certificate. The Raymond Federal Bank 33 month CD earns a rate of 3.22%. This rate is 32 basis points higher than the best two year CD rate offered on the national list. Business Bank and HomeStreet Bank follow this rate with two year CDs that earn a rate of 2.90%, still above the best national two year CD rates.
In the five year CD rate category, Raymond Federal Bank leads the state again with a five year CD rate of 3.87%. The big national bank, US Bank, comes up next with a 59 month term that has a rate of 3.75%. Westsound Bank and HomeStreet Bank run in the third place with both banks promoting five year CDs that yield 3.55%. Two more banks have identical offers to end the list. North Cascades National Bank and Cashmere Valley Bank have five year CDs that earn interest rates of 3.51%.