Dedicated to Deposits: Deals, Data, and Discussion

3.25% 9-Month Internet CD at Hyde Park Savings Bank for MA Residents

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Hyde Park Savings Bank is offering a 3.25% APY 9-month internet CD. Minimum deposit is $1,000. This rate is listed at the bank's rate table as of 1/11/2009.

There's also a competitive 18-month CD with an APY of 3.60% listed in the rate table as of 1/11/2009. Minimum deposit is $10,000. This CD requires a minimum of 3 withdrawals per statement cycle in a Triangle Interest Checking Account. If this is not done, the interest rate on the CD permanently falls by 0.50%. Qualifying withdrawals include those conducted via ATM, debit card, check, bill pay, phone transfer and online transfer. The Triangle Interest Checking Account has a $10/month fee, but this can be waived with a combined deposit balance of $5,000. It seems like it would be easy to set up 3 automatic withdrawals per month.

The bank provides an online application, but it specifically restricts accounts to Massachusetts residents.

Branches are located in the Massachusetts cities of Brookline, Dedham, Hyde Park, Norwood and West Roxbury.

Hyde Park Savings Bank has some decent ratings for soundness: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. These ratings are based on 9/30/08 data.

The bank is FDIC insured (FDIC certificate # 90160). It also has private DIF insurance to provide protection for deposits over the FDIC limits.

Is 3.25% APY Competitive?

I last posted on this bank on December 19th when they were offering 4% CDs. I'm afraid rates are falling quickly. The 3.20% APY is now a very competitive 9-month rate. The highest 9-month CD rate listed at Bankrate is only 3% APY. In my weekly rate summary, the highest nationwide 9-month CD rate at a federally insured institution is 3.15% APY at MetLife Bank.
  Tags: Massachusetts, CD rates

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