Dedicated to Deposits: Deals, Data, and Discussion

4.00% 7-Month CD at Spencer Savings Bank in Massachusetts


Update 12/20/08: The 7-month CD rate has fallen to 3.50% APY. Please check the bank's website for the latest rates.

Spencer Savings Bank is offering a special 4.00% APY 7-month CD. Minimum deposit is $500. This CD is listed in the bank's rate table as of 12/18/08. Other CD specials are listed, but those are much less competitive with a yield of only 3%.

It appears a branch visit is required to open an account. Branches are located in the Massachusetts cities of Spencer, Leicester, Rutland, Warren and Worcester.

The bank has some solid ratings for soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate. Both ratings are based on 9/30/08 data. It has been FDIC insured since 1985 (FDIC Certificate # 90282).

Other Top Certificate of Deposit Rates

With the recent historic Fed rate cut, high CD rates are not lasting long. I've found two Massachusetts credit unions that are still offering competitive CD specials.

First Priority Credit Union continues to offer a 4.00% APY 5-month no-penalty CD (see post).

Digital Credit Union continues with their CD promotion with a 4% APY 8-month CD and a 4.50% APY 16-month CD. Most of DCU's branches are located in Massachusetts but anyone in the US can qualify for membership and open the CDs by mail (see post).

  Tags: Massachusetts, CD rates

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Comment #1 by Spencer Savings Bank (anonymous) posted on
Spencer Savings Bank
There are 2 Spencer Savings Banks that are not related. There is a Spencer Savings Bank in New Jersey found at They have CD rates as well found at Please mention that one bank is in NJ and the other is in Massachusetts.