Massachusetts Banking Rates and News

If a 5-year term is too long for you, a 3-year CD may be a better maturity length. Unfortunately, most 3-year CD rates are under 2.00%. That's not the case with Leominster Credit Union which was one of the very few institutions to raise CD rates in February. Its 3-year CD and IRA CD have a 2.00% APY. Its 5-year CD and IRA CD rate remained the same in February, but they remain competitive with a 2.25% APY. Minimum deposit is $1,000. These rates are listed in the credit union's deposit rates page as of 2/2/2012.

It's rare when a bank offers a new-account bonus on a reward checking account. So I'm happy to see this promotion at Washington Savings Bank. When a customer opens a rewards checking account and implements the following new services, he or she will be eligible for an Amazon Kindle Fire with an estimated value of $199. The requirements for the new services include:

• Monthly direct deposit of at least $1,000 from an unaffiliated third party
• At least three monthly automatic withdrawals of at least $75 each from unaffiliated third parties
• An active debit card with 10 or more completed purchases

The...

Banks are still coming out with new reward checking accounts. However, the rates and balance caps may disappoint especially those who remember reward checking in the good old days in 2007. However, it's important to compare these rates to what internet banks offer. If you can get rates at least one percentage point higher than an online savings account, you should consider that a good deal. That's currently the case at Washington Savings Bank which is offering a Free Interest Rewards Checking Account and a linked Saver Rewards account. The two accounts have the following rates and...

ING Direct isn't the only financial institution offering Black Friday specials. There's also Service Credit Union which is having a Black Friday special with some deposit deals. On the first look at its promotions webpage, some may think the CD with a 10% APY is the best deal. However, the maximum deposit is only $1,000, and the term is only 3 months. So the most you can make from this CD is only $25.

A better deal is the credit union's checking account promotion in which you can earn $150. Here's the small print...

Sometimes you can get a competitive rate at a local bank, but there are often two issues. First, it may be a promo rate that won't stay competitive for the long term. Second, there are often hoops that you have to jump through. This typically involves some type of checking relationship. So keep these issues in mind for the deal at Admirals Bank. It's offering a money market account with a 1.15% APY for balances of at least $20K. This rate is listed in the bank's rates page as of 11/14/2011. It's called the...

Institution for Savings is offering another hot CD special that's similar to its September special. This new one is a 3-year CD with a 2.50% APY. Minimum deposit is $500. This rate is listed on the bank's rates page as of 11/03/2011. This CD rate was so much higher than the other rates, I called the bank. According to the bank rep, this special rate is only available at the bank's Ipswich office on 112 County Road. It requires a branch visit. If you don't live near this branch, be sure to call the bank at...

First Trade Union Savings has several good deposit deals. First is a checking account promotion. They're offering a $100 cash bonus when you open their Virtual Checking Account and complete a few tasks. The promotion is scheduled to last until 12/31/2011. The full details are listed in the bank's promotions page. Here are the requirements to receive the full $100:

• Open a new First Trade Virtual Checking account before 12/31/2011
• $50 if you enroll in FTUB Bill Pay service and pay at least 1 bill through FTUB Bill Pay by 1/31/2012
• $50 if you enroll in direct deposit and...

Digital Credit Union continues to offer competitive CD and IRA CD rates. The best CD rates require a $25K minimum deposit and a Relationship Checking relationship. The two best deals are a 2.86% APY 5-year CD and a 1.36% APY 1-year add-on CD. Without Relationship Checking, the rates are 25 basis points lower. The non-IRA rates are 10 basis points lower for a $500 minimum deposit. These rates are listed in DCU's certificate rates page as of 10/05/2011.

Refer to DCU's checking page to see how to qualify for the Relationship Checking....

EBSB Direct is offering a competitive 3-year CD yield of 1.80% APY. Minimum deposit is $1,000. This used to a better deal back in June when the yield was 2.25%, but it's still quite competitive compared to what's available today. There's also a 10-month CD, but the rate is much less competitive at 0.55% APY. Minimum deposit is $1,000. These rates are listed at EBSBdirect.com as of 10/04/2011.

According to the bank's disclosure, "terms over 12 months the penalty will equal 6 months interest on the amount withdrawn."

EBSBdirect.com also offers an online savings...

City of Boston Credit Union is offering several competitive CD rates. The Jumbo CD rates are 10 basis points higher than the regular CD rates. Jumbo minimum deposit is $50K and the regular minimum is $500. The best Jumbo CD rates include a 2.88% APY 5-year CD, a 2.37% APY 4-year CD and a 2.12% APY 3-year CD. The best short-term Jumbo CD deal is the 8-month CD which has a 1.10% APY. These rates are listed in the credit union's share rates page as of 9/22/2011.

Membership is open to those who live or...

Peoples Federal Savings Bank has an online CD promotion with four special CD rates. The best one is the 1.50% APY 18-month CD. The 1-year CD is also competitive with a 1.20% APY. The other two specials include a 0.80% APY 6-month CD and a 0.75% APY 5-month CD. Minimum deposit is $1,000. These rates are listed in the bank's online rates page as of 9/21/2011.

The online application only allows Massachusetts residents to apply.

Peoples Federal Savings branches are located in the Boston metro area.

The bank has an overall health...

Athol Credit Union has an internet division called Quabbin Online Credit Union that's offering some very competitive savings account rates and short-term CD rates. Unfortunately, the credit union's field of membership is narrow so only a few lucky readers will be able to qualify. Thanks to the reader who mentioned it in the comments.

Quabbin Online Credit Union has a savings and money market account, and both have a 1.35% APY on all balances as of 9/13/2011. Minimum deposit to open the accounts is $25, and there are no monthly service fees.

The best deal on the...