Institution for Savings is offering a CD special with two competitive rates: 2.00% APY for 9 months and 2.50% APY for 20 months. Minimum deposit is $500. These rates are listed on the bank's front page and the bank's rate table as of 11/02/09.
The bank still offers a reward checking account, but the rate has fallen considerably since I first reported on it in February 2008. At that time the rate was 6% APY on balances up to $50K. It's now down to 1.50% APY. On the plus side, the above-average cap of $50K continues (see account review).
It appears that a branch visit is required to open an account. Branches are located in the Massachusetts cities of Newburyport, Salisbury, Ipswich and Rowley.
The bank has top ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 5 stars (superior) at Bankrate.com. Both ratings are based on 6/30/09 financial data. It's rare to see 5 stars from both Bauer and Bankrate. The bank was established in 1820, and it has been a FDIC member since 1985 (FDIC Certificate # 90250). Funds over the FDIC limit are also insured by the Deposit Insurance Fund (DIF).
Thanks to the reader Scott who mentioned these specials in the bank deals hub page.
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