Dedicated to Deposits: Deals, Data, and Discussion

5-Month Gas-Price CD Special at a Massachusetts Bank (Scituate Federal Savings)


Scituate Federal Savings
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
The bank's Freedom Checking has no minimum balance requirements and no monthly maintenance fees. However, according to the fees disclosure, there's a $4.99 monthly fee for Online Bill Payment. Online Bill Payment is free for the Ultimate Access account. However, there's a $15 monthly maintenance fee if combined minimum daily balance in all deposit accounts is less than $5,000. According to the bank, there is no hard credit inquiry for opening accounts. Only ChexSystem is used.

There's a good chance that you can get well over 4% APY. 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.]

  Tags: Massachusetts, Scituate Federal Savings, CD rates

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Comment #1 by Anonymous posted on
Yes, Gas Buddy has a link to get the "Lowest and Highest Prices."

Too bad no one in California is doing this -- the lowest I've seen here is $4.55 a gallon.

Comment #2 by Anonymous posted on
It's any gas station in Plymouth County; includes Abington, Bridgewater, BROCKTON, Carver, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Hull, Kingston, Lakeville, Marion, Marshfield, Mattapoisett, Middleborough, NORWELL, PEMBROKE, Plymouth, Plympton, Rochester, Rockland, Scituate, Wareham, West Bridgewater, Whitman, to name most.
So, by checking prices in the listed towns you can determine if this deal is worth it. And, whether it pays to buy a gallon at premium or using credit card (some gas stations seem to give no discount when you credit/debit card gas). In some of these towns, I saw cheapest gas at 4.249; but it depends how far you are and if it's worth it..even to just get 1 gallon for the receipt to give bank. If you need diesel, you're even in better shape.. or, maybe buy a tiny gasoline container and pump 1 gallon and then you can get a high yield! The cost of the diesel gallon and the container shouldnt cost too much to eat away your interest (assumes you have alot 1000's to put in CD). Diesel is close to $4.979 around that area.

Besides gasbuddy, you can also check

Comment #3 by Anonymous posted on
"Only valid for gas sales receipt for regular unleaded gas purchased from any gas station in Plymouth County, MA"

Not valid for diesel...I sure wish people would read the posts before commenting...

Comment #4 by Anonymous posted on
My dad owns 11 independent gas stations along the east coast.

His stations are in Pennsylvania, but he knows a lot of gas station owners -- some of them have to be in Massachusetts.

If he had a friend in Massachusetts that's agreeable to pumping a gallon of regular unleaded and bill at $10.00/gal -- would the bank be on the hook to honor a 10% interest rate?

Anyone up for buying a gallon for $20.00?

I'll give him a call tomorrow.

Comment #5 by Anonymous posted on
Goodness, that seems a little shady...