Danversbank is offering a two competitive CD and IRA CD rates: 2.75% APY for 5 years and 2.00% APY for 3 years. Danversbank's short-term CDs have rates that are much less competitive. Minimum deposit is $500. According to the CSR, these CDs have an early withdrawal penalty of 6 months of interest. These rates are listed in Danversbank's rates page as of 1/4/2011.
As a comparison to internet banks on 1/4/2011, the best 5-year CD rate is 2.75% APY at Salem Five. One downside with this CD is an early withdrawal penalty of 15 months of interest.
Some of Danversbank's short-term CDs are available online, but I was told by a Danversbank CSR that these long-term 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 3.01% APY for balances up to $25K as of 1/4/2011 (see review). Danversbank used to have a very competitive online savings account, but this account now pays only 0.50% which is low even by today's standards for internet savings accounts. This does make me wonder how they can afford to pay so much more interest on the reward checking account. The debit card usage and the balance cap helps, but I don't think it helps that much.
Danversbank has an overall health score of 4 out of 5 with a Texas Ratio of 5.17% (excellent) based on September 2010 data. It's a sizable bank with $2.62 billion in assets. Please refer to our financial overview of Danversbank for more details. 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.