Bank rates in Washington are our focus while the nation has its eye on the newest resident in the District of Columbia. 

Washington DC is home to a quite a selection of banks offering above average CD rates.  Most of these banks are small, local banks that are growing and prospering.  Bank of Georgetown is a locally operated, community bank surviving and growing during this time of turbulence.  The Washington Journal reported on November 14, 2008 that “Bank of Georgetown, which was formed in 2005 and had $265.3 million in assets as of Sept. 30, is widely seen as one of the most successful new banks of the past five years.  It has avoided the credit problems hurting many area banks and posted $402,000 in net income in the third quarter.”

Initially operating in Washington, DC, and subsequently expanding to nearby Montgomery and Arlington Counties, the bank offers competitive loans, deposit and savings products as well as cash management products and services.  A component of Bank of Georgetown consumer savings product selections are certificates of deposit accounts which are designed to meet consumers short or long term goals.  

On inauguration day, the bank was offering the following CD rates and terms:
3 month CD that has an interest rate of 2.00% APY.
6 month CD with an interest rate of 2.25% APY. 
1 year CD that yields a rate of 2.50% APY. 
15 month CD with an interest rate of 2.50% APY. 
18 month CD that has an interest rate of 2.50% APY. 
2 year CD which earns an interest rate of 3.00% APY. 
3 year CD with an interest rate of 3.25% APY.  
4 year CD that yields an interest rate of 3.50% APY.  
5 year CD  which has a rate of 4.00% APY. 

The bank also offers the following special bank CD rate and terms:
4 month CD that earns an interest rate of 3.00% APY.  
11 month no penalty CD that has an interest rate of 2.00% APY.  
27 month no penalty CD with an interest rate of 2.75% APY.  
30 month no penalty CD which earns an interest rate of 3.00% APY.  

The no penalty CDs allows for one no penalty withdrawal during term of certificate.
No penalty CDs must be opened for more than 14 days before withdrawal.  The bank CDs require a minimum deposit in the amount of $1,000.00 to be opened.

Bank of Georgetown offers a very competitive money market account as well.  The money market account is a tiered rate account that earns an interest rate of 1.00% APY for balances between $2,500.00 – $24,999.99 and an interest rate of 1.50% APY for balances between $25,000.00 – $99,999.99 and a rate of 1.75% APY for balance in the money market account in excess of $100,000.00.  This bank account requires a $25,000.00 minimum daily balance requirement to avoid a monthly service charge.  This is a variable interest rate account and the interest rate may change after the account is opened.

CD rates and money market rates are subject to change without notice.  Additional conditions may apply to open these accounts.  Additional bank product and rate information may be obtained by calling the bank at 202-355-1200, visiting one of the bank branches or through the web site found at www.bankofgeorgetown.com.

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