Dedicated to Deposits: Deals, Data, and Discussion

5.50% 10-Month CD at a Massachusetts Bank (North Shore).

POSTED ON BY

North Shore Bank, FSB
[Update 5/22/07: This 5.50% CD is no longer being offered.]

North Shore Bank is offering a special "No Catch" certificate of deposit with a yield of 5.50% APY and a term of 10 months. The minimum deposit is $1,000, and the maximum is $150K. It has the nice feature that allows one withdrawal during the initial term without penalty. The offer expires on June 1, 2007.

Even though it's called a "No Catch" CD, it still requires money new to the bank. Also, it must be opened at their Highland Avenue, Salem branch.

The bank is also offering a 4.65% APY on its Freedom Money Market account with a $2,500 minimum. The rate is guaranteed until September 30, 2007. For those who prefer a brick-and-mortar bank, this is a decent deal.

North Shore Bank is FDIC insured (FDIC Certificate # 26484).

  Tags: Massachusetts, North Shore Bank, FSB, CD rates

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Comments
8 Comments.
Comment #1 by Anonymous posted on
Anonymous
After Sept30, balances 0-24999.99 will earn 1.0%APY. Above that, APY will equal 80% of 13-week T-bill yield from WSJ.

1
Comment #2 by scott (anonymous) posted on
scott
Have done many CD's with them and can confirm they are very good to work with. Another thing is they have SIF insurance which is just like our other Massachusetts DIF insurance. So you are fully insured no matter how much you put in.

1
Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Anonymous, thanks for the info on the Money Market Account. The deal is not nearly as good after Sept 30.

Scott, Thanks for the info on this bank. Do all MA banks have this SIF/DIF insurance?

1
Comment #4 by scott (anonymous) posted on
scott
Almost all have either DIF/SIF. Some banks have gotten so large they dropped it, I had Eastern Bank drop it. I think it costs the bank a decent amount. Is also regulated by our very prudent Massachusetts banking commission. We had a number of banks here go out in the 80's and not one person lost a penny in a DIF/SIF bank.

1
Comment #5 by Anonymous posted on
Anonymous
DIF insurance applies to all MA state-chartered savings banks. Most of which have "Savings Bank" in their names. See https://www.difxs.com/DIF/Home.aspx which lists all such banks.

SIF insurance applies to all MA co-operative banks. Most of which have "Co-operative Bank" in their names. See http://www.coopcentralbank.com/coopfaq.htm

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info.

1
Comment #7 by scott (anonymous) posted on
scott
Looks like they pulled in enough as they already pulled the 5.50% CD. Not on site and I called to confirm it's no longer offered. Glad I opened on Friday.

1
Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Sorry to see it go so quickly. Thanks for the info.

1