Beverly Bank has raised the rates on its 36-month CD (2.10% APY), 48-month CD (2.30% APY), and 60-month CD (2.55% APY). The minimum deposit is $500, with no stated balance cap.
These long-term CDs have had few rate changes since they were added to the product line in June 2014, and the latest APYs are the highest rates ever by far.
|2.25%||$500||-||Beverly Bank||60 Month CD|
|2.25%||$500||-||Beverly Bank||60 Month IRA CD|
|2.00%||$500||-||Beverly Bank||36 Month CD|
|2.00%||$500||-||Beverly Bank||36 Month IRA CD|
|1.85%||$500||-||Beverly Bank||48 Month CD|
|1.85%||$500||-||Beverly Bank||48 Month IRA CD|
The CDs are also offered as IRAs (Traditional), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for any of these long-term CDs is 12 months interest.
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 55 named cities and towns.
Opening a CD can be done online, but according to CSR, following acceptance of the application, an in-branch visit is required to sign documents and provide photo ID. Beverly Bank has five Massachusetts branches, located in Beverly (3), Danvers, and Salem.
Note: On the first page of the online application, I noticed that at the bottom of the drop-down menu for the “In what city or town do you reside” question was “Other.” I had hoped that option indicated the market area had been expanded, since when I chose “Other” I didn’t automatically get a “sorry, out of area” response. CSR assured me that only residents of the 55+ cities and towns listed in the drop-down menu can open an account with Beverly Bank.
Beverly Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.43% (excellent), based on December 31, 2016 data. In the past year, Beverly Bank has increased its total non-brokered deposits by $41 million, an excellent annual growth rate of 12.85%. Please refer to our financial overview of Beverly Bank (FDIC Certificate # 26601) for more details.
Originally known as Beverly Co-operative Bank, 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.
In 2014, the name was changed to simply Beverly Bank, in anticipation of converting the Bank from a mutual bank owned by depositors to a public bank owned by stockholders. The Bank hoped to raise as much as $47 million from the stock sale, but according to a BizJournals.com August 2014 article,
In a highly unusual move, depositors rejected a plan endorsed unanimously by
the bank's board of directors to switch ownership from depositors to shareholders.
How the CDs Compare
When compared to the 383 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the market area, Beverly Bank 37-month CD APY currently ranks second.
When compared to the 322 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the market area, Beverly Bank 48-month CD APY currently ranks first.
When compared to the 336 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the market area, Beverly Bank 60-month CD APY currently ranks third.
The above rates are accurate as of 4/14/2017.