River Bank is offering a competitive 5-year CD yield of 3.51% APY. The shorter terms are not quite as competitive. The ones that are a little above average include the 1.70% APY 15-month CD and the 1.40% APY 9-month CD. An extra 0.10% is available for money market or checking account customers. These are also available as IRA CDs. Minimum deposit is $500. These rates are listed in the bank's deposit rates page as of 2/18/2010.
River Bank also offers a competitive savings account called xStream Savings which has a 1.45% APY with no minimum balance requirements. It does require a minimum $40 automatic monthly transfer. This rate is listed in the bank's savings rates page as of 2/18/2010.
There's an online application, however, the second page form only allows residents of Massachusetts and New Hampshire to apply. It appears funding can be done by an ACH transfer. Under the CD rates table, the following is stated regarding when the CD rate locks:
The CD interest rate is guaranteed for five business days following the date of internet application. If we do not receive your deposit within this period, the interest rate will be the rate in effect on the day the deposit is received.
The bank is headquartered in North Andover, Massachusetts. In addition to North Andover, branches are located in Andover, Lawrence and Methuen, MA and in Salem and Derry, NH.
The bank's ratings for safety and soundness are strong: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1981 (FDIC Certificate # 23288).