Dedicated to Deposits: Deals, Data, and Discussion

5.50% 7-Month CD at a Massachusetts Bank (Ipswich Co-operative)

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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).
  Tags: Massachusetts, CD rates

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
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.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
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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