- Personal Finance
Highest CD Rates in MA
Massachusetts has some strong and old banks, and some good CD Rates. There were a couple of gems for you state investors. Check 'em out.
S-Bank has a 1-year CD rate at 1.00%, 2-year at 1.50%, and 5-year at 2.50%. The site seems laid out well, but I could do without the flowers. Their Money Market product has an interest at 1.25% ($75,000 minimum). The bank has a 4-star rating and is located in Weymouth, MA. FDIC#: 26575. They were founded in 1880, but didn't receive FDIC insurance until 1986. Operated as South Shore Co-operative Bank. Currently $214MM in assets with 37 employees.
Spencer Savings Bank actually has a couple of decent specials and they are 3 1/2-Star rated. The bank has a 5-month CD at 1.50% and a 13-month at 1.65% By the way, The state of MA must really have an independent spirit. This bank was started in 1871. Didn't have FDIC insurance until 1985. www.spencersavingsbank.com. Located: 176 Main Street, Spencer,MA 01562. FDIC Certificate #: 90282. Currently $400MM in assets with 90 Employees.
South Coastal Bank has a pretty good 3-year IRA at 2.00%. Their normal Certificate of Deposit rates: 1Y at 1.25% and an 8-month special at 1.36%. Located: 279 Union Street, Rockland,MA 02370. Now I'm really thinking it is something in the water. Est. in 1868, FDIC insurance in 1981. I'll have to do some research on what changed. These banks went through the Great Depression and survived quite well with no FDIC insurance. FDIC Certificate #: 23345. Assets: $256MM. 45 Employees.
www.southcoastalbank.com -- 3 stars
Hyde Park Savings Bank looks really strong. They start with an odd term 16-month CD at 1.80%. They also have a 5-month bump at 1.30% and an 18-month bump at 1.80%. These need a checking account. Located: 1196 River Street, Boston,MA 02136.
FDIC Certificate #: 90160. Est. 1871, FDIC insurance in1985. Assets: $900MM. 96 employees.
www.hydeparkbank.com -- 5 stars
As I was researching these Massachusetts banks, it was interesting to learn of the wide gap between when they were established and when they received FDIC insurance. This needs some more research, but I'm sure it will make for an interesting article. They also all have good ratings. So I'm not sure what Massachusetts is doing, but other bankers need to find out. Below is some info on credit unions.
Worker's Credit Union has some decent specials. They start with their cuSave - Online Savings at 1.20%. And they have Xtreme Checking, $25K maximum. The CD rates are: 8-month at 1.41% and a 25-month special at 2.15%. The field of membership allows them to accept members who either reside in Massachusetts or New Hampshire or work for a company that is based in Massachusetts. You can begin your membership by simply opening a Share Savings Account with as little as $25 or a high rate cuSave Account with as little as $500. Their NCUA# is 66479. They have a 5-stars rating and are located in Fitchburg, MA
Rockland Federal Credit Union has a great IRA special at 1.80% for 1-year. The 1-year normal CD rate is 1.20%; 2-year is 1.75%, and 3-year is 1.85%. You must Live or work in Barnstable, Bristol, Middlesex, Norfolk, Plymouth or Suffolk Counties. They have a great High Yield Reward Savers for 1.90% with $15,000 minimum. A great 4-stars rating. Assets: $1.3BB.
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