Hyde Park Savings Bank continues to offer a competitive 16-month internet CD for residents of Massachusetts. The rate is down since my January post, but remains competitive at 1.80% APY. Minimum deposit is $1,000. This rate is listed at the bank's rate table as of the morning of 5/24/2010.
The bank provides an online application that allows electronic funding via ACH, but the application specifically restricts accounts to Massachusetts residents. In this previous post a reader commented that the CD rate locks as soon as you submit the online application and fund it by ACH. CDs were opened one day after the funds were pulled form the external account, so only one day of interest was lost. Also, he mentioned that there's no hard credit pull for opening accounts.
Branches are located in the Massachusetts cities of Brookline, Dedham, Hyde Park, Norwood and West Roxbury.
Hyde Park Savings Bank continues to have strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 12/31/09 financial data. The bank has been a FDIC member since 1985 (FDIC certificate # 90160). It also has private DIF insurance to provide protection for deposits over the FDIC limits.
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