Dedicated to Deposits: Deals, Data, and Discussion

5.00% 9-Month CD at a Massachusetts Bank (Hyde Park Savings).

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Update 2/09/08: The CD rate has fallen. Please check the bank's website for the latest rates.

Hyde Park Savings Bank has changed its internet CD to a 5.00% APY 9-month CD. The minimum deposit is $1,000. It's only available online, and it's not available at the bank's branches. Funding can be done with an electronic funds transfer (ACH). The online application states that you must be a Massachusetts resident.

I last reported on this bank in December when it was offering a 5.15% 5-month CD. This internet CD had a yield of 5.50% back in September. In that post, a reader mentioned some additional details in the comments. He was told that the rate locks as soon as you do the online application and fund by ACH. There's no credit hard pull in the CD application process (so it shouldn't affect your credit score).

The bank is FDIC insured (certificate # 90160). It also has DIF insurance to provide protection for deposits over the FDIC limits. The bank was established in 1871. It has $988 million in assets and $822 million in deposits. It has a 4 out of 5 star safe & sound rating (sound) at Bankrate.com based on 9/30/07 data.
  Tags: Massachusetts, CD rates

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