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.