5.50% 10-Month CD at a Massachusetts Bank (North Shore).
May 22, 2007 - 9:38 AM by Ken Tumin
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).
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Anonymous - #1, Wednesday, May 16, 2007 - 10:13 PM
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.
scott (anonymous) - #2, Thursday, May 17, 2007 - 8:40 AM
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.
Banking Guy (anonymous) - #3, Thursday, May 17, 2007 - 9:16 AM
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?
scott (anonymous) - #4, Thursday, May 17, 2007 - 10:33 AM
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.
Anonymous - #5, Sunday, May 20, 2007 - 9:59 AM
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
Banking Guy (anonymous) - #6, Sunday, May 20, 2007 - 4:27 PM
Thanks for the info.
scott (anonymous) - #7, Tuesday, May 22, 2007 - 7:51 AM
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.
Banking Guy (anonymous) - #8, Tuesday, May 22, 2007 - 9:37 AM
Sorry to see it go so quickly. Thanks for the info.
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