You often can get a higher CD rate by having a checking account. That's the case with Clinton Savings Bank which is offering an extra 25 basis points on its CDs and IRA CDs for customers who have a consumer checking account (excluding money market checking) with a recurring direct deposit. The most competitive rate is its 2-year CD which has a 1.45% APY. Other competitive rates include a 1.85% APY 3-year CD, a 2.05% APY 4-year CD and a 2.25% APY 5-year CD. All of these rates require the checking account with direct deposit. Minimum deposit is $500. These rates are listed in the bank's rates page as of 2/14/2012.
According to the bank's truth in savings disclosure, the early withdrawal penalty is 6 months of interest on the amount of principal withdrawn for all CD maturities of one year or more. The grace period is 10 calendar days after the maturity date.
The bank also offers a reward checking account called Total Access Checking. Back in 2007, it had a 6.01% APY for balances up to $50K. The rates have fallen quite a bit since then. It's now 1.75% APY for balances up to $25K. Please refer to my Clinton Savings Bank reward checking review for more details.
On the right sidebar of the bank's website, There's a link to an online application provided by Andera that allows ACH funding. However, the application only allows residents of Massachusetts to apply.
Clinton Savings Bank Branches are located in the Massachusetts cities of Berlin, Bolton, Boylston, Clinton, Sterling and West Boylston.
The bank's overall health score is 3 stars (out of 5) with a Texas Ratio of 40.29% (below average) based on September 2011 data. Please refer to our financial overview of Clinton Savings Bank for more details. The bank was established in 1851 and has been a FDIC member since 1985 (FDIC Certificate # 90181).
How These CD Rates Compares
The best 2-year CD rate that's nationally available is 1.36% APY at Melrose Credit Union. The best 5-year CD rate is 2.30% APY at Fort Knox FCU (59-month term) and at Andrews FCU. These rates are accurate as of 2/14/2012.
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.