Salem Co-operative Bank is offering a special 15-month CD with a very competitive rate of 2.25% APY. Minimum deposit is $500, and it's available for both a regular CD and an IRA CD. The bank also offers a competitive standard 60-month CD with a 3.00% APY. These rates are listed in the bank's deposit rates table as of 7/05/2010.
The bank may also be offering another deal that was advertised in a Boston area newspaper on 6/18/2010 for the grand opening of their new Methuen branch. However, I can't find this listed on the bank's website, so I'm not sure if it's still available. The deal requires opening a checking account. You can then pick either a 2% APY 7-month CD or a $150 cash bonus. The cash bonus required direct deposit ($75), bill pay ($50) and/or a debit card ($25). Here's the link to the online ad.
It appears a branch visit is required to open an account. In addition to the bank's new Methuen, Massachusetts branch, the bank has its main office in Salem, New Hampshire.
The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial, 4 stars (sound) at Bankrate.com and an overall health score of 5 out of 5 at DepositAccounts.com (see our Salem Co-operative Bank financial overview). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. The bank has been a FDIC member since 1954 (FDIC Certificate # 27824).