Clinton Savings Bank has a few competitive CDs that can be opened online if you're a MA resident. The two best are a 2.40% APY 24-month CD and a 2.01% APY 18-month CD. Minimum deposit is $500. These are also available in an IRA. These rates are listed in the bank's rates page as of 3/07/2010.
According to the bank's truth in savings disclosure, the early withdrawal penalty is 6 months of interest on the amount of principal withdrawn for all CD maturities of one year or more. The grace period is 10 calendar days after the maturity date.
The bank also offers a reward checking account that currently pays 2.76% APY on balances up to $50K (see account review). When I first reviewed this account over two years ago, the rate was 6.01% APY.
There's an online application provided by Andera that allows ACH funding. However, the application only allows residents of Massachusetts to apply.
Branches are located in the Massachusetts cities of Berlin, Bolton, Boylston, Clinton, Sterling and West Boylston.
The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The bank was established in 1851 and has been a FDIC member since 1985 (FDIC Certificate # 90181).