5.50% 7-Month CD at a Massachusetts Bank (Ipswich Co-operative)
Jun 5, 2007 - 7:15 PM by Ken Tumin
Ipswich Co-operative Bank is offering a 5.50% APY 7-month certificate of deposit. The minimum deposit is $500.
It's a small two-branch bank located in Ipswich, MA. They're currently undergoing a merger and will become Institution for Savings in July. Ipswich Co-operative Bank is FDIC insured (FDIC Certificate # 26452).
It's a small two-branch bank located in Ipswich, MA. They're currently undergoing a merger and will become Institution for Savings in July. Ipswich Co-operative Bank is FDIC insured (FDIC Certificate # 26452).
Tags: Massachusetts, CD rates
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Anonymous - #1, Wednesday, June 6, 2007 - 9:57 AM
How nice that the current bank has the unlimited SIF insurance coverage and the new bank has the unlimited DIF coverage. Often these special Massachusetts insurance coverages are lost after a merger since the new bank isn't in either category, i. e. being a bank with branches outside of Massachusetts or being a bank within Massachusetts that doesn't qualify for either coverage.
Banking Guy (anonymous) - #2, Wednesday, June 6, 2007 - 7:09 PM
It'll be interesting to see how this changes.
A commenter provided the following info about SIF and DIF in this post:
DIF insurance applies to all MA state-chartered savings banks. Most of which have "Savings Bank" in their names. See DIF webpage 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 SIF webpage.
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