Dedicated to Deposits: Deals, Data, and Discussion

3.75% 9-Month CD at a Massachusetts Bank (Hyde Park Savings).

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Update 3/22/08: The CD rate has gone down. Please check the financial institution's website for the latest rates.

Update 3/8/08: The CD rate has fallen from 4.00% to 3.75% APY. The title has been modified to reflect this change.
Update 2/29/08: The CD rate has fallen from 4.25% to 4.00% APY.
Update 2/27/08: The CD rate has fallen from 4.50% to 4.25% APY.
Update 2/19/08: The CD rate has fallen from 4.75% to 4.50% APY.

Hyde Park Savings Bank has once again lowered the rate on its internet CD, but it remains very competitive with a 4.75% APY for a 9-month term. 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.

Last month the yield was 5% APY, so considering the recent massive Fed rate cuts, this CD rate hasn't gone down by much. Last September this bank was offering a 5.50% 5-month internet CD. In that September 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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Comments
7 comments.
Comment #1 by scott (anonymous) posted on
scott
9-month just lowered to 4.50%, Bummer was hoping that 4.75% last a couple more weeks, did two jumbos at the 5.50% that mature in next 2 weeks

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks Scott for the update. Sorry to see the cut, but at least they continue to offer competitive rates.

1
Comment #3 by scott (anonymous) posted on
scott
9 month now 4.25%

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update. Sorry to see yet another cut, but I guess it's to be expected.

1
Comment #5 by scott (anonymous) posted on
scott
Now 4.00%

1
Comment #6 by Banking Guy (anonymous) posted on
Banking Guy
Thanks. That 4.25% APY sure didn't last long.

1
Comment #7 by Anonymous posted on
Anonymous
Can't really renew these internet CDs efficiently. If you buy a new internet CD, money needs to be swept out of your Triangle checking account through their online vendor, Andera. You lose several days interest as the money goes from HPSB to Andera and back. Ridiculous.

1