Bank of New England Offers 3.04% APY On 48-59 Month CD
Deal Summary: CDs – 48-59 month (3.04% APY), and 60-month (3.04% APY), $500 minimum deposit.
New Hampshire-based Bank of New England is currently offering 3.04% APY on its 48-59 month and 60-month CDs. Like all of Bank of New England CDs, the 48-59 and 60-month CDs can be opened with a $500 minimum deposit, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.27% | $500 | - | Bank of New England | 4 Year CD | |
| 2.27% | $500 | - | Bank of New England | 5 Year CD |
According to CSR, partial withdrawals are not permitted - only early closures. If a CD is closed within the first year of its term, the Early Withdrawal Penalty (EWP) is three months of interest. If the CD is closed after the first year, the EWP is six months of interest.
Availability
Headquartered in Salem, New Hampshire, Bank of New England’s market area is primarily southeast New Hampshire and nearby Massachusetts, but the close proximity of Connecticut, Maine, Rhode Island, and Vermont expands the market area.
According to the Branch Manager I spoke with, “Any New England resident who can make it to a branch is welcome to apply for an account.”
Opening a CD must be done at any of six New Hampshire branches, located in Bedford, Londonderry, Manchester, Nashua, Salem, and Windham. The Bank also has three branches in Massachusetts, located in Andover, Haverhill, and Methuen.
Bank of New England’s online platform is currently limited to account management and bill payment services.
Bank Overview
Bank of New England has an overall health grade of “B+" at DepositAccounts.com, with a Texas Ratio of 1.28% (excellent), based on March 31, 2019 data. Bank of New England has an excellent capitalization level (15.43%), the result of holding $946.2 million in assets with $146.02 million in equity. Please refer to our financial overview of Bank of New England (FDIC Certificate # 24540) for more details.
Founded in 1983 as Fidelity Bank & Trust Company, Bank of New England is currently New Hampshire’s fourth largest bank, with assets in excess of $946 million. The Bank was renamed as Southern New Hampshire Bank and Trust Company in 1995, and re-branded as Bank of New England in 2007. This locally owned and privately held institution should not be confused with the Boston-based Bank of New England Corporation, which was seized by the FDIC in 1991 following heavy losses in its loan portfolio.
How the CDs Compare
When compared to the 289 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Bank of New England’s 48-59 month CD APY currently ranks second.
When compared to the 297 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum and are available within the Bank’s market area, Bank of New England’s 60-month CD Special APY currently ranks second.
The above rates are accurate as of 8/21/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.
