5.25% 3-Month and Longer CDs Open to All
Mar 25, 2006 - 6:27 PM by Ken Tumin
Middlesex Savings Bank is offering 5.25% APY on all CD terms from 3 months to 71 months. The minimum deposit is $250. The early withdrawal penalty is 3 months of interest for terms of 12 months and less. The penalty is 6 months of interest for terms over 12 months. These rates are only available for a limited time.
Middlesex Savings Bank is located in Massachusetts, however, these CDs are available to out-of-state people and can be opened by mail.
Now this is the kind of CD deal I would have expected from EmigrantDirect instead of their 5% CDs with a minimum term of 18 months.
Note: Middlesex has added an in-state restriction to these CDs. They are now only available to residents of Massachusetts.
[Edited: Mar 25, 2006]
Middlesex Savings Bank is located in Massachusetts, however, these CDs are available to out-of-state people and can be opened by mail.
Now this is the kind of CD deal I would have expected from EmigrantDirect instead of their 5% CDs with a minimum term of 18 months.
Note: Middlesex has added an in-state restriction to these CDs. They are now only available to residents of Massachusetts.
[Edited: Mar 25, 2006]
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latex_salesman (anonymous) - #1, Thursday, March 16, 2006 - 9:47 PM
This is the best CD deal I've seen so far... available from in any state?
Is that right? Any strings attached?
Banking Guy (anonymous) - #2, Friday, March 17, 2006 - 10:05 AM
Yup, it's a very hot deal. The CSR that I spoke with said that this is only going to be available for a limited time. Since the news is out (see FW thread), it may not last long.
Also, you have to be careful about the time it takes to transfer the money into the CD and out of it. The guy on the FW thread recommends funding with a check from a high-yield MMA or checking account (GMAC MMA might be a good account for this). When the CD matures, request the bank to send you the check in overnight mail (fee may be worth it) and immediately deposit the check.
latex_salesman (anonymous) - #3, Friday, March 17, 2006 - 9:24 PM
I sent them an email - and got a quick reply the next day. You can't open the CD online but they'll send you a start kit if you give them your address...
Quick and professional; I liked their service :o)
Banking Guy (anonymous) - #4, Saturday, March 18, 2006 - 3:52 PM
There must have been too much national interest in these CDs. Middlesex just changed the conditions. It now says no out of state deposits.
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