Dedicated to Deposits: Deals, Data, and Discussion

6-Month CD Rate Special at Cambridge Savings Bank - MA Only


Cambridge Savings Bank

It has been rare for any banks to offer short-term CD rates that are higher than the best internet savings account rates. That's why I'm happy to see the new CD promotion at Cambridge Savings Bank which has a 2.00% APY on a 6-month CD. Maximum deposit is $50,000, and there is a limit of one promotional CD per household. Minimum deposit is $1,000 ($500 for the IRA CD). New money is required. This special is listed at this Cambridge Savings Bank page as of 11/12/2012. This is a limited time special

If you open this CD with a $50,000 deposit, you'll earn about $500 over the 6 months. That's about $250 more than what you would earn in a 1% savings account. The $50K max does limit the deal, but it's still better than many other bank specials which limit the deposit to some small amount like $1,000.

Cambridge Savings Bank also offers a reward checking account, but the rate is a little low for reward checking account. It now pays 1.50% APY for balances up to $25,000. It had been 4% when I last reviewed it in this 2010 post.


According to the offer's small print, "You must live or work in Massachusetts to qualify for this promotion." There's a link to an online application at the bank's CD promo page. The application is powered by Andera, and it allows electronic funding from an existing checking or savings account.

Bank Overview

Cambridge Savings Bank branches are located in the Boston suburbs. Some of the towns include Arlington, Belmont, Cambridge, Concord and Watertown.

The bank has an overall health score at of 5 stars (out of 5) with a Texas ratio of 3.94% (excellent) based on June 2012 data. Please refer to our financial overview of Cambridge Savings Bank for more details. The bank has been a FDIC member since 1958 (FDIC Certificate # 17870).

How This CD Rate Compares

The highest 6-month CD rate at an internet bank is 0.91% APY at Doral Bank Direct. Another option for those who prefer short-term CDs is a No Penalty CD. The best deal is currently at Ally Bank which has an 11-month No Penalty CD with a 0.96% APY. The no-penalty feature allows the customer to make this CD have any term from 7 days to 11 months. I have more details in my Ally Bank No Penalty CD review. Another option is to go with an internet savings or money market accounts, many of which have rates over 1.00%. The downside with these is that there's no guarantee about how long the rate will last. New EverBank customers can get a money market account with a 1.25% APY for up to $50K guaranteed for 6 months. These rates are accurate as of 11/12/2012.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of

Related Pages: Cambridge Savings Bank, Massachusetts, CD rates, IRA rates

Related Posts

Comment #1 by JayROSS (anonymous) posted on
you have to live in or work in MASS. to be

eligible for this 2% CD....

Comment #2 by Scott (anonymous) posted on
They do a hard inquiry through Equifax, also looks like they removed online application 

Comment #3 by Anonymous posted on
Last time I looked the online application was back up.  I tried it yesterday and kept getting timed out time and time again (no pun intended).  Not only that but the interface was very confusing both on Firefox & IE.  I had to phone them several times -- each time there was a very long wait and the last time just did me in -- 11 minutes on hold and then I was disconnected.... I gave up.  Fortunately for me I happen to still have an ongoing add-on CD that is 2 percent good thru early 2015... I will use that instead to park my money.