3.50% 13-Month CD at South Shore Savings Bank in Massachusetts

South Shore Savings Bank has an attractive rate for its 13-month CD special. The APY is 3.50%, and the minimum deposit is $1,000. It's available as both a regular and an IRA certificate of deposit. This special is listed in the bank's rate table as of 1/21/2009. The table has an effective date of 1/20/2009 so hopefully the rate will last for a while.

The bank also has a reward checking account that pays 4.44% APY on balances up to $25K as of 1/21/09 (see post).

There's an online application for opening accounts that's provided by Andera, but in the application it states that a Massachusetts address is required. Also, the application doesn't provide an option for this special CD so a branch visit may be required. Branches are located in Braintree, East Bridgewater, Norwell, Pembroke, Plymouth, Quincy, Stoughton and Weymouth.

The bank has mixed ratings for soundness: 4 stars (excellent) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The bank has been FDIC insured since 1985 (FDIC Certificate # 90303).

Other Massachusetts Certificate Deals: First Priority Credit Union continues to list an excellent 5-month CD deal. It has a 4% APY and allows a one-time penalty-free withdrawal (see post). For other MA deals, refer to my MA deals page. For nationwide deals, refer to my weekly rate summary.

Tags: Massachusetts, CD rates, IRA rates, South Shore Savings Bank