Over the weekend, BankGloucester raised the rate on its 36-month CD (2.17% APY). This is the first rate increase in 3 years, and the highest APY in more than five years for the 36-month CD.
The minimum opening deposit to earn the 2.17% APY is $50K, with no balance cap; opening deposits between $500 and $49,999.99 earn 2.02% APY.
According to CSR, the Early Withdrawal Penalty is six months interest, whether earned or not.
Headquartered in Gloucester, BankGloucester is a community bank serving the residents of Cape Ann, Massachusetts. Cape Ann is 30 miles northeast of Boston and is considered to be the northern edge of Massachusetts Bay.
BankGloucester does have an online application, but according to CSR, opening the 36-month CD requires an in-person visit to either of two branches located in Essex and Gloucester.
BankGloucester has an overall health rating of "B" at DepositAccounts.com, with a Texas Ratio of 27.32% (average), as of June 30, 2015 data. In the past year, BankGloucester has increased its total deposits by $13.9 Million, an excellent annual growth rate of 8.97%. For more detailed information, please refer to our financial overview of BankGloucester.
Founded in 1887 as a co-operative community bank, BankGloucester (FDIC Certificate # 26536) has continuously served the residents of Cape Ann for over 125 years. Through its "Banking for the Community" project, BankGloucester demonstrates its commitment to the community by awarding local non-profits with donations ranging from $500 to $5,000. The recipients are chosen by members of the community through a ballot vote.
How the CD Compares
When compared to the 325 similar length of term CDs tracked by DepositAccounts.com that are available to Massachusetts residents, BankGloucester’s 36-month CD currently heads the list, regardless of minimum deposit.
The above rates are accurate as of 10/12/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.