3.30% 4-Month CD & 3.00% Online Savings Account at Danvers Bank in MA
Update 5/18/10: The DBK Online Savings account rate has fallen to 1.00% APY. Refer to the bottom of the post for the rate history.
Danvers Bank is offering two competitive online accounts: a 3.30% APY 4-month CD and a 3.00% APY savings account. Minimum deposit is $500 for the CD and only $1 for the savings account. These rates are listed in the bank's rate table as of 2/17/09.
A reader reported being told these accounts are available to all. I've sent the bank an email for more information. Update 2/18/09: Here's the reply I received from the bank: "Please be advised that you do not need to be a Massachusetts resident to establish an online account with Danversbank."
I noticed in the online application located at the bank's reward checking page, these accounts can be selected. The application is provided by Andera which is a common service used for online bank applications. Funding can be done via ACH transfers from your existing savings or checking account at another bank. Update 2/18/09: I received the following information from the bank regarding electronic funding of the accounts:
Initial funding for each of these accounts is limited to $10,000.00 by credit card and $25,000.00 by ACH (Automated Clearing House). Additional deposits are welcome anytime after the account is funded for the online savings and rewards checking products. However; additional deposits may only be made upon maturity for the certificate of deposit accounts.
Update 3/10/09: A reader reported that the savings account lacks an electronic funds transfer capability. The bank has told him that they're working on it. He's able to transfer funds by pushing and pulling from another financial institution.
I first reported on Danvers Bank's reward checking account in April 2007 when it had a top rate of 6.01% APY for balances up to $100K. Last year this was lowered to 4.01% APY for balances up to $25K, and this rate is still available.
Branches are located in several Massachusetts cities including Boston, Danvers, Salem and Wilmington.
The bank has been around since 1850 and has been FDIC insured since 1985 (Certificate # 90185).
Thanks to the reader Scott who mentioned these rates in the Daily News and Deals Page.
05/18/10: 4-mo CD: 1.00% APY, OSA: 1.00% APY
04/08/10: 4-mo CD; 1.25% APY, OSA: 1.35% APY
02/24/10: 4-mo CD: 1.25% APY
09/04/09: 4-mo CD: 1.75% APY, OSA: 1.50% APY
07/23/09: 4-mo CD: 2.00% APY, OSA: 1.65% APY
04/16/09: 4-mo CD: 2.50% APY, OSA: 2.05% APY
03/20/09: 4-mo CD: 3.00% APY, OSA: 2.50% APY
02/17/09: 4-mo CD: 3.30% APY, OSA: 3.00% APY
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