Clinton Savings Bank is offering a 2.50% APY 24-month CD. Minimum deposit is $500. It's also available in an IRA. The rate is listed in the bank's rates page as of 10/23/09.
According to the bank's truth in savings disclosure, the early withdrawal penalty is 6 months of interest on the amount of principal withdrawn for all CD maturities of one year or more. The grace period is 10 calendar days after the maturity date.
My last post on this bank was over two years ago when they were offering a reward checking account with a rate of 6.01% APY on balances up to $50K. As you might expect, this rate has fallen. It's now 2.76% APY. At least the $50K balance cap is holding.
There's an online application provided by Andera that allows ACH funding. However, the application only allows residents of Massachusetts to apply.
Branches are located in the Massachusetts cities of Berlin, Bolton, Boylston, Clinton, Sterling and West Boylston.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 6/30/09 financial data. The bank was established in 1851 and has been a FDIC member since 1985 (FDIC Certificate # 90181).
Other Competitive Certificate of Deposit Rates