HomeStreet Bank is a regional bank headquartered in Seattle, Washington serving residents in just 5 states. These are: Washington, Idaho, Oregon, California and Hawaii.
If you’re in the market for a CD (certificate of deposit) you have several options to choose from with HomeStreet, but only a small handful come with competitive yields.
Their CD suite consists of Custom CDs, IRA CDs, Jumbo CDs ($90k minimum required) and Featured CDs. They also have a “Home Purchase CD” and a “Set Your Own Goal CD” but they come with negligible yields per the time of this writing. The featured CDs are HomeStreet’s only competitive offers and they’re still ~1% less than what you can find with the top online banks.
To see if HomeStreet’s CD rates are right for you, continue reading below.
HomeStreet Bank CD Rates + Account Details
There are two variables that may affect the APY (annual percentage yield) that you receive on your CD with HomeStreet Bank. These are 1. Location, and 2. Deposit amount.
Before displaying the rates of their CDs, HomeStreet Bank requires you to select your region (you can do that here).
They have regions broken up into four groups – 1. California, 2. Eastern Washington, 3. Hawaii, and 4. Western Washington/Oregon. We should note that we’ve downloaded rate cards from each region and found the interest rates and APYs to be the same throughout.
📌 Please Note: HomeStreet Bank is member FDIC and all deposit accounts are federally insured up to $250,000 per depositor, however, HomeStreet also imposes a maximum deposit allowance of $240,000 on all CD accounts.
Featured CD Rates
HomeStreet Bank’s Featured CDs require a minimum deposit of $500 and come with the most competitive interest rates. Interest rates are tiered based on deposit size but all tiers provide the same yields currently.
To put these yields into perspective, the current national average for a 12 month and 24 month CD sit at just 1.76% and 1.50%, respectively, according to FDIC data, however top yields from online banks are hovering around 5.50% APY for both terms.
Custom and IRA CD Rates
As with their Featured CDs, HomeStreet’s custom CDs and IRA CD’s both require a $500 minimum deposit and come with tiered rates based on deposit size, however, all tiers currently pay the same yield.
HomeStreet Bank’s custom CD rates and IRA CD rates have yet to rise since the Fed began lifting rates in earnest last year.
Jumbo Certificate Rates
HomeStreet Bank’s Jumbo CDs come with a minimum deposit requirement of $90,000.
|Jumbo CD Term||APY|
HomeStreet Bank only offers Jumbo CDs with short terms and low rates at this time.
How Do HomeStreet’s CD Rates Compare
To get a better idea of how HomeStreet Bank’s CD rates stack up against some of their competitors, take a look at the table below. It compares HomeStreet’s best CD rate with some of the best CD rates offered by other well known banks.
|Bank||Best CD Rate (APY)|
|Bank of the West||5.10%|
How Much Can you Earn with a HomeStreet Bank CD?
How much you earn with a HomeStreet Bank CD is going to depend on your deposit size, the CD’s term and its APY (annual percentage yield). Take a look at the table below to see how much you’d make with each of HomeStreet Bank’s Featured CDs assuming a deposit size of $50,000.
Compounding and Crediting Interest
Interest is both compounded monthly and credited back to the CD account monthly. You may elect to have interest payments disbursed to another account by contacting HomeStreet Bank.
Grace Period and Early Withdrawal Fees
All HomeStreet Bank CDs automatically renew into new CDs with the same term and going APY (annual percentage yield) at that time if nothing is done during the grace period. HomeStreet provides a standard 10 day grace period in which you modify your CD in any way or close it out entirely without incurring a penalty.
If you need funds from your CD prior to its maturity date, HomeStreet Bank may impose a simple interest penalty fee on the amount withdrawn based on the current interest rate paid on the account.
How to Open and Fund the CD
You can open and fund a HomeStreet Bank CD either online or by visiting a local branch. Doing it online is the fastest way and can be done in 4 steps.
To get started, go here and click “Open a CD Account Online.” This will take you to the new application form. From here you’ll select whether or not you have an existing HomeStreet bank account and whether or not the CD you’re applying for will be a joint ownership CD or individual. Continuing from there, you’ll want to be prepared with the following personal information to expedite the process.
- Home Address
- Social Security Number
- Driver’s License or State ID (must be: Washington, Oregon, California, Idaho or Hawaii)
When you get to Step 3, you’ll be funding the CD. For this step you’ll need:
- Current bank or credit union routing number.
- Current bank account number where funds will be withdrawn from.