Mansfield Bank is offering two good CD deals. The first is a short-term CD deal. It's a 1.20% APY 14-month CD special. The second deal has a much longer term. It's a standard CD with a 2.00% APY for an 8-year term. Minimum deposit is $1,000 for both. These rates are listed at the bank's CD rates page as of 12/27/2012.
According to the bank's CSR, the 14-month CD has an early withdrawal penalty of 180 days of interest. The 8-year CD has a 270-day interest EWP.
The bank only accepts CD deposits from Massachusetts residents, and a branch visit is required to open a CD.
Mansfield Bank branches are located Mansfield, Easton, West Bridgewater, Plainville and Norton.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.11% (excellent) based on September 2012 data. Please refer to our financial overview of Mansfield Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 26448).
In addition to FDIC deposit insurance, the bank has Shared Insurance Fund (SIF). According to the SIF website:
The Share Insurance Fund (SIF) is a private fund owned by the member co-operative banks, which insures all deposits at co-operative banks in Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.
This is similar to DIF which covers Massachusetts-chartered savings banks.
How These CD Rates Compare
Both of these Mansfield Bank CD rates are very competitive. If you compare the 14-month CD special to 12-month CDs, the highest 12-month CD rate that's nationally available is 1.16% APY at State Bank of India - Chicago. The highest at an internet bank is 1.05% APY.
If you compare Mansfield Bank's 8-year CD with 7-year CDs, the highest 7-year CD rate that's nationally available is 2.00% APY at Pentagon FCU and Air Force FCU. The highest at an internet bank is 1.90% APY at Discover Bank.
These rates are accurate as of 12/27/2012.
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.