Westfield Bank Signature CD Review

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

• Only one CD account type available. Westfield Bank Signature CD only offers traditional CD accounts.
• Very high APY. This account offers an annual percentage yield of up to 0.25%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit.
• Limited selection of CD terms. Westfield Bank Signature CD only offers one CD terms. This limits your options when trying to set up a CD ladder.

Are cd accounts from Westfield Bank federally insured?

Yes, your Westfield Bank cd accounts 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 i you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.

What CD rates does Westfield Bank offer on its CDs?

The CD rates for this account have an APY of0.25% (APY stands for annual percentage yield, rates may change).

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

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

What is the grace period for Westfield Bank Signature CD?

There is a 10-day grace period for Westfield Bank Signature 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 Signature CD 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 CD term ends.

Westfield Bank does not charge an early withdrawal fee.