Some community banks up here in the Pacific Northwest are finally getting in on the Facebook advertising game. Just saw one of the better CD rate specials of 2013 come through my newsfeed this morning.
If you happen to live in the greater Seattle area and are looking to lock in a short term CD with a respectable rate you may want to stop by Sound Community Bank and show them this screenshot of their “2 day special.” I scoured their website looking for this promotion after seeing it on Facebook, but to no avail. I believe its a Facebook-only promotion (probably in an attempt by Sound Community Bank to see how effective Facebook marketing can be!).
Here’s the scoop:
1. On September 13 and 14 only, customers can open a 9 month CD from Sound Community Bank with a yield of 0.99% APY.
2. Stop by any physical branch and show them the following graphic (as seen on FB):
Granted a CD yielding under 1 percent is fairly difficult to get excited about regardless of how short the maturity is, but if you’ve been tracking certificate of deposit rates for a while now, you should know why this is so special.
Throughout 2013 we have seen very little competition amongst CD rates by banks and credit unions. In fact, just last month we finally saw some upticks in longer term CD’s with one 5 year deposit finally hitting the 2.0% APY mark (a first since 2010). Hopefully with this 9 month CD promotion combined with some of the smaller upticks we’ve seen in short term CD rates by national banks, a healthy competition between banks for consumer deposits seems to be (FINALLY) taking shape.
Sound Community Bank has been in the Seattle area for a little over 50 years now with locations throughout Seattle, Tacoma and Port Angeles.
Any US citizen can join the community bank, but you have to stop by a branch to open this promotional deposit, so it’s fairly geographically exclusive. Check out our database of the highest yielding short term deposits nationwide or locally to find a deal near you!