Westfield Bank Classic CD

Westfield Bank Classic CD Review

Westfield Bank Classic CD are offered by Westfield Bank, a bank founded in 1998 and based in Westfield, MA. Westfield Bank Classic CD are available in 2 states across the USA.

Key Takeaways

• Only one CD type available. Westfield Bank CD only offers traditional CD accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.1%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. Westfield Bank CD allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Westfield Bank Classic CD

Westfield Bank Classic CD FAQ

Are CD from Westfield Bank federally insured?

Yes, your Westfield Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does Westfield Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CDs for another term.

What rates does Westfield Bank offer on its CDs?

The CD rates for this account have an APY of0.1% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a CD account with Westfield Bank?

Westfield Bank CD require a minimum deposit of $1,000 to open an account.

What is the grace period for Westfield Bank CD?

There is a 10-day grace period for Westfield Bank CD. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 10-day grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Westfield Bank charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the term ends.

Westfield Bank does not charge an early withdrawal fee.