Cape Ann Savings Bank (MA) Raises Rates On Three CDs

Cape Ann Savings Bank (MA) recently raised the rates on its 2.5-, 3- and 4-Year CDs, and all three CDs have a 2.02% APY for deposits <$50k, and="" a="" 2.27%="" apy="" for="" deposits="">$50K.

The minimum opening deposit for the 2.5- and 3-Year CDs is $500, and $1K for the 4-Year CD. There is no balance cap of any of these CDs.

All three CDs are also available as IRA (Traditional) at the same APYs, with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is a low one month interest for the 2.5- and 3-Year CDs, and three months interest for the 4-Year CD.

Availability

Cape Ann Savings Bank’s market area includes Gloucester, Manchester-by-the-Sea, Rockport, Essex and the surrounding area.

Opening any type of account at Cape Ann Savings Bank requires a visit to any of the four Massachusetts branches located in Gloucester (2), Manchester-by-the-Sea, and Rockport. Cape Ann Savings Bank's online banking services are limited to account management and bill payment at this time.

Bank Overview

Cape Ann Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.85% (excellent), based on June 30, 2015 data. In the past year, Cape Ann Savings Bank has increased its total deposits by $55.7 Million, an excellent annual growth rate of 16.48%. Please refer to our financial overview of Cape Ann Savings Bank for more details.

"A physician, a scholar, and a businessman walk into a bank …" may sound like the beginning of a joke, but in 1846 those three individuals joined forces and established the Cape Ann Savings Bank (FDIC Certificate # 90203). Although the original banking hours were very limited (one hour per week), by the end of five months’ operation the Bank had 48 depositors and total deposits of $1,355. Cape Ann Savings Bank approaches its 170th anniversary with more than 50,000 depositors and assets in excess of $541 Million.

How the CDs Compare

Obviously, when dealing with a single APY, the shorter the term the more competitive the CD. When compared to the 332 similar length-of-term CDs tracked by DepositAccounts.com, that are available to Massachusetts residents, Cape Ann Savings Bank’s 2.5 and 3-year CDs currently rank first and second respectively, regardless of minimum deposit.

When compared to the 288 similar length-of-term CDs tracked by DepositAccounts.com, that are available to Massachusetts residents, Cape Ann Savings Bank’s 4-year CD currently rank first, regardless of minimum deposit.

The above rates are accurate as of 10/23/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.