Dedicated to Deposits: Deals, Data, and Discussion

2.00% 9-Month CD & 2.50% 20-Month CD at Institution for Savings in MA - Local Only


Institution for Savings
Update 11/11/2009: CD rates have dropped. However, there are still some competitive rates. These include a 2.50% APY 24-month CD and a 3.00% APY 36-month CD.

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 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.

Other High Certificate of Deposit Rates

  Tags: Massachusetts, Institution for Savings, CD rates

Related Posts

Comment #1 by scott (anonymous) posted on
Rates dropped, 9&12 month now 1.25 and 20 month 1.50%. Got in just in time and did the 20 month 2.50%

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the update Scott. Sorry to see the cuts, but I see they still have a couple of competitive rates.

Comment #3 by scott (anonymous) posted on
The way things are going the 24 month 2.50% is looking decent, Also just noticed this:

"Three months interest whether earned or not on terms 13-35 months, except 20 month term which is six months interest whether earned or not."

Only three months loss of interest on the 24 month is about the best I have seen

Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for pointing out the early withdrawal penalty. A 3-month penalty for a 24-month term is indeed very low.