If you have an IRA, this is a good time to be rate chasing since many banks and credit unions have IRA specials (ING Direct's IRA CD is the latest). Banks often advertise IRA deals during the start of the year when you can make IRA contributions for both the current year and for the past year. This year you have until April 18th to make an IRA contribution for 2010.
Hingham Institution for Savings is another bank that's advertising a good CD deal. It's offering a 3.25% APY 5-year IRA CD. The regular 5-year CD is also very competitive with a a 3.00% APY. Minimum deposit is $500. These rates are listed in bank's deposit rates page as of 3/25/2011.
I called the bank this morning for more information on these CDs. According to the bank rep, this special IRA CD rate is scheduled to last until April 15th. Of course it's subject to change at any time. I was told the early withdrawal penalty is 6 months of interest. A branch visit is required to open an account.
Hingham branches are located in Boston and in several cities in Plymouth County.
The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 11.68% (above average) based on December 2010 data. Please refer to our financial overview of Hingham Institution for Savings for more details. The bank has been a FDIC member since 1985 (FDIC Certificate 90211).
How It Compares?
For CDs nationally available, the best 5-year CD rate is 3.00% APY at Connexus Credit Union but this requires an active checking account. Without a checking requirement, the best 5-year CD rate is 2.93% APY at Melrose Credit Union. The best 5-year rate at a bank is 2.80% APY at Sovereign Bank. These rates are accurate as of 3/25/2011.
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: