Dedicated to Deposits: Deals, Data, and Discussion

2.55% 9-Month Internet CD at Hyde Park Savings Bank for MA Residents

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Hyde Park Savings Bank is offering a 2.55% APY 9-month internet CD. Minimum deposit is $1,000. This rate is listed at the bank's rate table as of 4/21/2009.

There's also a competitive 18-month CD with an APY of 2.65% listed in the rate table as of 4/21/2009. 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 that allows electronic funding via ACH, but the application specifically restricts accounts to Massachusetts residents. In this previous post a reader commented that the CD rate locks as soon as you submit the online application and fund it by ACH. CDs were opened one day after the funds were pulled form the external account, so only one day of interest was lost. Also, he mentioned that there's no hard credit pull for opening accounts.

It appears closing or renewing a CD account may be more difficult. Here's what a commenter described in this post from last year:
Can't really renew these internet CDs efficiently. If you buy a new internet CD, money needs to be swept out of your Triangle checking account through their online vendor, Andera. You lose several days interest as the money goes from HPSB to Andera and back.

Another reader commented in this post that the bank would not close the CD by phone, mail or by fax. The bank required the reader to come into the branch to close the account. This appears to have been related to the CDs that require the checking accounts. It may not apply to the internet CDs. If you have experience with this bank and these CDs, please leave a comment.

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 12/31/08 data.

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

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

  Tags: Massachusetts, CD rates

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Comments
2 Comments.
Comment #1 by scott (anonymous) posted on
scott
I did two of their internet CDs last year and never once visited a branch. You can just open the checking or a $10 min savings account. Then just before maturity you mail the certificate into them with instructions to close at maturity and put funds into liquid account. I had a savings so pulled it out from a linked account. Better to have the checking then can just write out a check and no lost interest

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info Scott. I'm glad to see there is an easy way to close these CDs.

1