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.

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.

Related Posts:Banner Bank 2.75% 15-Month CDWashington Bank Tops 24-Month CD RatesWashington Fed Pays 2.50% On 2-Year CDFirst Trade Union Tops 36-Month CD Rates17-Month Special Beats Most CD Rates