2.00% 15-Month CD at Southbridge Savings Bank in MA - Local Only

Southbridge Savings Bank is offering a special 2.00% APY 15-month CD. Minimum deposit is $500. It's also available as a Traditional and Roth IRA. This special is listed in the bank's rate tables as of 2/26/2010.

The bank has been offering a reward checking account since July 2007. Back in 2007, the top rate was 6.01% APY for balances up to $50K. This has fallen 2.50% APY, but at least the tier remains at $50K. There's also a companion savings account called Key Rewards Saver which is currently paying 1.25% APY on balances up to $100K. Refer to my Southbridge reward checking review for more details.

It appears a branch visit is required to open an account. Branches are located in Massachusetts cities of Southbridge, Charlton, Holden, Sturbridge and Worcester. They also have branches in Big Y Supermarkets in several other cities.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank was established in 1848 and has been a FDIC member since 1981(FDIC Certificate # 23524).