Washington Trust Co. of Westerly, R. I., has built a seasonal feature into its new Perennial CD.
The interest rate on the 36-month certificate of deposit is guaranteed to increase on the first day of spring each year.
The initial rate is 4.75%, yielding 4.85%. The rate is guaranteed to rise to 5% next March 21.
Customers have the option of withdrawing up to 25% of principal without penalty each time the rate increases.
As a marketing gimmick, the company is distributing seed packets that urge investors to "make your money grow" with a Perennial CD.
"The Perennial CD will be a harbinger of spring," said Michael Rauh, vice president of retail banking at Washington Trust.