Established in 2008, The Westchester Bank offers a variety of banking products, including checking and savings accounts and certificate of deposit (CD) accounts. In addition, it currently operates six branches throughout Westchester County, New York. The bank offers highly competitive CD rates with various terms ranging from six months to 60 years.
Westchester also provides convenient online and mobile banking services. These digital features allow you to directly access and manage any fees or bills associated with your checking or savings accounts. Furthermore, the bank's personal services also include its telephone banking option.
Westchester Personal Certificates
Westchester's personal certificates function as the bank’s standard CDs. The bank also provides business CDs, but the minimum deposit requirement, the rates and the term options completely resemble that of their personal certificates. When you open a personal CD, you'll be able to select a term ranging anywhere from six months to five years. However, Westchester's minimum deposit requirement is noticeably higher than other CD account competitors
Both Westchester's personal and business certificates entail early withdrawal penalties, so you'll want to keep that in mind when opening an account. As long as you don't touch your CD until it reaches maturity, you'll be able to earn at full. Therefore, if you don't mind the bank's relatively high minimum deposit, Westchester could very well be the right place for you to grow your wealth.
|Personal Certificates||Minimum Deposit||APY|
|6 Month||$1,000||0.25%||Compare CD Rates|
|9 Month||$1,000||0.25%||Compare CD Rates|
|12 Month||$1,000||0.30%||Compare CD Rates|
|18 Month||$1,000||0.30%||Compare CD Rates|
|24 Month||$1,000||0.30%||Compare CD Rates|
|30 Month||$1,000||0.50%||Compare CD Rates|
|36 Month||$1,000||0.50%||Compare CD Rates|
|48 Month||$1,000||0.50%||Compare CD Rates|
|60 Month||$1,000||0.50%||Compare CD Rates|
6-Month Personal CD Interest Rate Comparison
Overview of Westchester CDs
Westchester CDs will allow you to generate a greater return through longer CD term lengths. All of their CD terms offer fairly decent rates at which to earn. However, if you're looking for greater savings growth, you’ll make more by starting at the 12-month CD mark.
Additionally, you'll only be able to make an initial deposit into your CD once you open it. Following this, you won't be able to touch your CD until it has reached its maturity date. As with most banks' CDs, you'll lose interest for making early withdrawals. For instance, if you try to deposit or withdraw from an existing CD, Westchester will charge you a penalty. Specifically, you'll lose one month of interest for CDs of six or nine months. For early withdrawals on terms of 12, 18, 24 or 30 months, you'll lose six months of interest. Finally, you'll lose nine months of interest on terms of 36 or 48 months. For five year terms, however, you'll lose 12 months worth of interest.
But Westchester offers another option for users who'd like to continue earning through CDs. It automatically renews your account for the same term on its maturity date, unless you notify the bank otherwise.
How Much You Earn With Westchester Certificate of Deposits Over Time
Interest compounds quarterly for Westchester's CDs, so your money won’t grow as fast as it would if it compounded daily. However, the bank offers pretty decent rates no matter which term you choose, but as with most banks, you'll generate greater return with longer terms. For instance, you'll earn at an annual percentage yield (APY) of 2.73% for a 60-month CD. In addition, you'll earn more money with larger deposits. Finally, while interest is compounded quarterly, it's also credited quarterly.
|Initial Deposit||6-Month CD||12-Month CD||60-Month CD|
Compare The Westchester Bank to Other Competitive Offers
How Westchester CDs Rates Compare to Other Banks
Although Westchester offers competitive rates, you can also compare CD rates and find similarly competitive rates at Third Federal. Third Federal's CD terms range from six months to 72 months and require a minimum deposit of just $500. In addition, interest is compounded quarterly for CDs with terms of 180 days or more, while it isn't compounded for terms less than 180 days. So you'll definitely pay a lower deposit with Third Federal CDs. However, you won't earn as much with lower terms as you will with Westchester.
Another close interest rates competitor, though an online-only bank, is Marcus by Goldman Sachs. With terms from six months to six years, Marcus CDs compound interest daily and come with an initial deposit minimum of $500. But you'll only be able to access Marcus online, so you'll want to consider this when making your final decision.
|CD Account||Westchester||Third Federal||Marcus by Goldman Sachs||PenFed|
Should You Get a Westchester CD Account?
Overall, Westchester offers competitive rates that are most suitable for those who live in New York. While the bank’s physical presence is limited to six locations, you'll also be able to access and manage your account through their online and mobile features. Furthermore, though Westchester offers a wide range of CD terms at great rates, its initial minimum deposit may be high for some.
It’s important to remember these things when determining where to invest in a CD account. Once you assess the pros and cons of Westchester, only you can determine what will be the best fit.