If you had the chance to earn even when not doing anything, would you grab the opportunity to do so? If your answer is a resounding yes, then opening a certificate of deposit or CD account is perfect for you. It lets you keep your money in the bank or any similar institution. Then after a period of time, your money will reach its maturity period and voila – you get more than the amount you started with.
Of course, you need to start off with a great bank that offers high CD rates. One such bank is Western Heritage Bank.
How the Rates Compare
Undoubtedly, Western Heritage bank offers one of the best CD rate deals today. For a 1-year CD maturity term, it provides a 1.65% interest rate and APY. If you compare this to CIT Bank’s 1.08% and Ally Bank’s 1.01%, WHB certainly ranks superior. Currently, national average for CD rates at 1-year term is at an average of 0.52%. Since WHB has an offer of even more than half that rate, you can be assured that you’re getting more than what the majority of banks have in store.
You get to choose the term of maturity that suits you. For short-term plans, there is the 3-month scheme. However, if you’re planning to let your money acquire more interest for a longer period of time, you can sign up for a 5-year maturity CD. All accounts need at least $1,000 initial deposit.
TERM RATE APY
3 months – 0.25% – 0.25%
6 months – 0.40% – 0.40%
1 year – 1.65% – 1.65%
2 year – 1.75% – 1.75%
3 year – 2.00% – 2.00%
4 year – 2.50% – 2.50%
5 year – 2.75% – 2.75%
This same initial deposit of $1,000 should be maintained daily in the account. As with any other banks, penalty fees are incurred for any violation or actions deemed by the bank as punishable. These may include early withdrawal, account verification fees, closing or transfer fees, and many others. However, what WHB makes up for its many penalty fees is its online banking service. You won’t need to visit any of their two branches in New Mexico, because you can make all transactions online. You also get to sign-up for the account opening online. And if you feel confused and have further questions, they have online assistants to help you.
The inception of WHB began in 2008 when Mesilla Valley Bank was bought by a group of investors. Since then, it has carried on its present name. With its relatively new footing in the industry, it has been serving its market community with satisfaction.