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Competitive Long-Term CD Rates at Danversbank in MA - Local Only

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Danversbank

Danversbank is offering a few competitive CD and IRA CD rates. The best one is a 2.50% APY 3-year CD. It used to be easy to find 3-year CDs with yields of 2.50%, but that's no longer the case in today's record low interest rate environment. The other CD rates that are fairly competitive include a 2.00% APY 30-month CD and a 2.75% APY 60-month CD. Minimum deposit is $500. These rates are listed in Danversbank's rates page as of the morning of 7/27/2010.

Even though Danversbank offers nationwide savings account and reward checking account, I was told by a Danversbank CSR that these CDs can only be opened at one of their branches. Danversbank's branches are located in several Massachusetts cities including Boston, Danvers, Salem and Wilmington.

Review of Danversbank's Internet Accounts

Danversbank still has one of the best nationwide rewards checking account with a 4.00% APY for balances up to $25K. Danversbank used to have a very competitive nationwide savings account, but this account now pays only 1.00% which is low even by today's standards for internet savings accounts. Danversbank does offer one internet CD with a 4-month term, but that also has a low yield of 1.00%. That's actually competitive for that term, but I don't see any advantage of that CD over an internet savings account. The above rates are listed at the bottom of Danversbank's rates page as of 7/27/2010.

Danversbank's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our financial overview for Danversbank). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1985 (FDIC Certificate # 90185).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

  Tags: Danversbank, Massachusetts, CD rates, IRA rates

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Comments
3 comments.
Comment #1 by scottj posted on
scottj
Over the last few months while Danvers has been offering this 36 month 2.50% I have been able get them to bump to 3% for 3 separate  CDs, latest one done last week. I think you need to have a previous relationship with them but if you are new it doesn't hurt to ask 

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Comment #2 by scottj posted on
scottj
Last chance to get 2.50% 36 month. Went in today to open another 36 month  and was told their rates are being lowered on 9/5. Great bank though, even with that they still gave me a 1/2% point bump to  3%. Thought we were at bottom for rates but looks like they are still coming down

1
Comment #3 by scottj posted on
scottj
36 month now 2.00% and 30 month 1.50%

1