Danversbank is offering a hot CD special at one of its new branches at 485 Massachusetts Avenue, Cambridge, MA. It's a 2.50% 12-month CD. Minimum deposit is $500, and the maximum is $500,000. New money is required. The special isn't listed at the bank's website. It was advertised last Friday (1/29/2010) in a Boston newspaper. The ad is available online here. I called this morning and confirmed that it's still available as of today (2/1/2010). According to the CSR, it could end on any day.
The special can only be opened at this new branch (485 Massachusetts Avenue, Cambridge), and a branch visit is required.
Danversbank has other deals that are available nationwide. These include:
- 1.75% APY 4-month online CD
- 1.50% APY online savings account
- 4.01% reward checking account
The above rates are as of 2/1/2010. All of the above accounts can be opened online using the online application link located at the bank's reward checking page. I have more details about these accounts in my Danversbank review from last year.
Branches are located in several Massachusetts cities including Boston, Danvers, Salem and Wilmington.
When a bank is offering very high rates, it sometimes raises red flags. Weak banks are often the ones offering the highest rates. That does not seem to be the case with Danversbank. Its 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 around since 1850 and has been FDIC insured since 1985 (FDIC Certificate # 90185).
