Dedicated to Deposits: Deals, Data, and Discussion

2.00% 16-Month Internet CD at Hyde Park Savings Bank in MA - Local Only

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Hyde Park Savings Bank is offering a 2.00% APY 16-month internet CD. Minimum deposit is $1,000. There's also a fairly competitive 30-month CD with a 2.40% APY which can be opened on the internet or at a branch. Minimum deposit is $500. These rates are listed at the bank's rate table as of the morning of 1/05/2010.

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.

Some readers have reported problems closing the internet CDs. Another reader mentioned that he didn't have any problems closing his two internet CDs last year. Here is what he said:
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.

The bank does have a free checking account and a free savings account.

Branches are located in the Massachusetts cities of Brookline, Dedham, Hyde Park, Norwood and West Roxbury.

Hyde Park Savings Bank continues to have solid ratings for safety and soundness: 5 stars (superior) at BauerFinancial (based on 9/30/09 data) and 4 stars (sound) at Bankrate.com (based on 6/30/09 data).

The bank has been a FDIC member since 1985 (FDIC certificate # 90160). It also has private DIF insurance to provide protection for deposits over the FDIC limits.

Other Competitive Certificate of Deposit Rates
  Tags: Massachusetts, CD rates

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