Seattle Bank has launched a new website and mobile app, CD Valet, to assist customers in finding the most competitive certificate of deposit (CD) rates while leveling the competitive playing field between large financial institutions and community banks. 

CD Valet is designed to help clients find CD rates and track their portfolios once they have selected a bank or credit union that’s right for them, Seattle Bank President and Chief Executive John Blizzard told Bank Automation News. The bank tapped IT service company Apexon to develop the site. 

“[CD Valet] gives the customer the opportunity to see the full spectrum of rates, a clearer picture of the market,” Blizzard said. “[Customers] have it at their fingertips. They don’t have to go through a bunch of ads, they don’t have to worry that they’re not seeing every bank because someone paid to be on the top of the list.”

Seattle Bank offered a pilot program of the website to 50 of its customers in 2021, he added. 

CD Valet uses historical transaction data to recommend banks based on the end user’s preferences, Blizzard said, adding that the $711 million bank can also manually add new CD offers to the site. Among the more than 500 banks and credit unions included on the site are Los Angeles-based Community Commerce Bank, Spokane, Wash.-based New America Credit Union and San Diego-based California Coast Credit Union. 

As inflation and interest rates continue to rise, more customers are looking to invest in CDs, according to a bank release. While large banks typically have higher rates, they also appear at the top of traditional search engines due to factors like paid advertising and search engine optimization. 

Blizzard said he hopes CD Valet will enable more customers to find banks and credit unions offering the best return on their investment. 

“I think [CD Valet] is great for consumers and for the community banks and credit unions,” he said. “It’s really hard for [those who save], so we’re really finding a way to work for savers in this economic environment.” 

CD Valet is available to customers in Washington, Oregon, Idaho, California and Arizona, with plans to expand nationally in the future, according to the release. 

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