Dedicated to Deposits: Deals, Data, and Discussion

3.25% 8-Month CD at Pentucket Bank in MA & NH - Local Only

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Pentucket Bank is having a CD promotion with a 3.25% APY 8-month CD. A checking account relationship is required for this rate. Without the checking, the rate is still competitive at 2.99%. Minimum deposit is $500. This special isn't listed at the bank's website. A reader emailed me info on this, and I called for additional details. According to the CSR, it's only for new customers who bring a postcard that advertises this promo. However, I was told new customers may still qualify for this promo if they didn't receive the postcard. The CSR said this promotion may end on Saturday (9/26/09).

Another important detail of the CD is that there's no grace period. It'll automatically renew into their 6-month standard CD unless you give written instructions before maturity or if you visit the branch on the day of maturity (or day after if the maturity day is a non-business day).

The checking relationship is called the Pentucket Club Relationship Banking. It requires a combined balance of $7,500 in consumer deposits, an active checking account and a Pentucket Club ATM/Visa check card. As I mentioned, without this checking relationship, a new customer can still get the 8-month CD at 2.99%

A branch visit is required to open an account. Branches are located in the Massachusetts city of Haverhill and in the New Hampshire cities of Hampstead and Salem.

The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial (based on 6/30/09 data) and 4 stars (sound) at Bankrate.com (based on 3/31/09 data). The bank was established in 1891 and has been a FDIC member since 1985 (FDIC Certificate # 90208).

Thanks to the reader who emailed me info on this promotion.

Other Competitive Certificate of Deposit Rates

  Tags: Massachusetts, New Hampshire, CD rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
I called CSR on Saturday to open the account. CSR told me the promotion was still active but it had to be new money and the customer had to live within the neighboring towns of the bank. I live appproximately 30 miles from the bank and was ineligible for the promotion.

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Comment #2 by Anonymous posted on
Anonymous
I was told the same thing.
Since I'm stubborn I went to a branch in Salem,NH.
I had no problem to open this account.The promotion ends today as of 5 PM.
I did not ask about the 3.25% with the checking account(I just forgot about it)so I got 2.99%

1