Scituate Federal Savings has a creative CD special. They're offering a 5-month CD with a yield that's tied to the rate you paid for gas. If you paid $4.03 for a gallon of gas, you'll get 4.03% APY. The minimum deposit is $500, and the maximum is $50,000. A checking account is required. Gas receipt must be presented in person.
This special isn't listed at the bank's website. A reader emailed me a flier of this deal, and I've posted it here. Some of the small print of the special includes:
- Valid for new Freedom Checking and Ultimate Access accounts only
- $25 minimum initial deposit required for the checking accounts
- Customer required to either sign up for Internet Banking and Bill Payment OR establish Direct Depost
- Only valid for gas sales receipt for regular unleaded gas purchased from any gas station in Plymouth County, MA
- Limited time offer and is subject to change
There's a good chance that you can get well over 4% APY. GasBuddies.com is listing $4.08 a gallon at an Exxon in Plymouth. I'm not sure if there are any gas price websites that'll help you find the most expensive gas instead of the cheapest gas.
Bank branches are located in the Massachusetts cities of Scituate, Marshfield, Green Harbor, Norwell and Hingham. The bank has been FDIC insured since 1955 (FDIC Certificate # 30424).
Thanks to the reader who sent me email on this special CD.
[Update: Added more info on checking requirements and fees.]