At the beginning of February, Beverly Bank added a 23-month CD Special (1.75% APY) to its product. The minimum deposit is $10K of new money, with a maximum deposit of $250K.
Beverly Bank is also offering two Special Rate Online CDs: 20-month (1.50% APY) and 60-month (2.25% APY). As the names suggest, these CDs must be opened online and require a $500 minimum deposit, with a maximum deposit of $250K.
According to CSR, the Early Withdrawal Penalty on the 20- and 23-month CDs is 6 months interest, and 12 months interest for the 60-month CD.
Beverly Bank’s market area is Massachusetts’ North Shore, which is loosely defined as the coastal area between Boston and New Hampshire, and includes over 70 named cities and towns.
Since I last wrote about Beverly Bank in August 2015, the Bank has expanded its online banking platform and now offers an online application that includes the ability to open CDs. The online application also allows for funding via ACH.
If you prefer a brick-and-mortar experience, Beverly has four Massachusetts branches, located in Beverly (3) and Salem.
Beverly Bank (FDIC Certificate # 26601) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.14% (excellent), based on September 30, 2015 data. In the past year, Beverly Bank has increased its total deposits by $22.58 Million, an excellent annual growth rate of 11.05%. Please refer to our financial overview of Beverly Bank for more details.
Beverly Bank is an independent community bank serving the North Shore area in Massachusetts. The Bank was founded with $666 of total capital, which was the amount of money collected during the very first regular monthly meeting in 1888. A participant in the Massachusetts State Treasury's Small Business Banking Partnership, Beverly Bank has issued 108 business loans (totaling almost $29 Million) to local small businesses.
How the CDs Compare
When compared to the 269 similar length-of-term CDs tracked by DepositAccounts.com available to Massachusetts residents, Beverly Bank 23-Month CD Special currently ranks first, regardless of minimum deposit.
When compared to the 220 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit and available to Massachusetts residents, Beverly Bank 20-Month CD Special currently ranks third.
When compared to the 226 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit and available to Massachusetts residents, Beverly Bank 60-Month CD Special currently ranks third.
The above rates are accurate as of 2/15/2016.