Hyde Park Savings Bank continues to offer a competitive 16-month internet CD for residents of Massachusetts. The rate is down since my May post, but it remains competitive at 1.70% APY. Minimum deposit is $1,000. This rate is listed at the bank's rate table as of the morning of 9/28/2010.
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 has an overall health score of 4 out of 5 with a Texas Ratio of 1.70% (excellent) based on 6/30/2010 data. Please refer to our financial overview of Hyde Park Savings Bank for more details. 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.
Searching for the Best CD Rates
Dollar Savings Direct used to offer 1.65% for its nationwide 16-month internet CD, but this recently fell to 1.15%. For a little longer term of 18 months, Alliant Credit Union currently has the best nationwide deal with a 1.85% APY for a $25K minimum deposit.
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.