Competitive CD and IRA Rates at Country Bank for Savings in MA

With Massachusetts being in the news today due to the Senate election, I thought this would be a timely post. The Massachusetts bank, Country Bank for Savings has a few competitive CD rates which are available to those outside of the state. These include:

• 1.60% APY 6 months
• 2.00% APY 15 months
• 2.25% APY 24 months

These rates are listed in the bank's rates page as of the morning of 1/19/2010. Minimum deposit is $500, and these are available in an IRA. They'll bump the rates 25 basis points if you maintain $1,000 monthly balance in a checking account with monthly Direct Deposit.

Update 12/29/10: The bank has a new FAQ page which now states they only open accounts for MA residents.

According to the bank's FAQ:

We only accept funds to open Certificates of Deposit accounts from individuals living outside Massachusetts. We require a copy of your driver’s license and social security card. For additional information on opening an account, contact us at (800)322-8233

Since they don't offer checking accounts to those outside of MA, those relationship CD rates would only be applicable for MA residents.

Branches located in several cities between Springfield and Worcester.

The bank's ratings for safety and soundness are strong: 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 was established in 1850, and it has been a FDIC member since 1982 (FDIC Certificate # 23992). Deposits over the FDIC limit are privately insured by DIF.