Chicopee Savings Bank (MA) Offers Two New CD Specials

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Availability: Market area is western Massachusetts and northern Connecticut

Within the last week, Chicopee Savings Bank added two new CD Specials to its product line: 13-month CD Special (1.35% APY) and 22-month CD Special (1.61% APY).

Both CD Specials require a minimum opening deposit of $1K, and while there is no stated maximum balance cap, Chicopee Savings Bank’s Rates Page, reads,

Amounts above $500,000 are subject to the approval of bank management.
APYMINMAXINSTITUTIONPRODUCTDETAILS
1.35%$1k-Chicopee Savings Bank22 Month CD Special
Accounts mentioned in this post. Rates as of July 15, 2016.

According to CSR, the Early Withdrawal Penalty on any CD with a term of greater than one year is six months interest. CSR also mentioned that the minimum balance required to earn the stated APY is only $20 for either CD.

Availability

Chicopee Savings Bank offers its services and product line to all U.S. Citizens and Resident Aliens residing in their market area (western Massachusetts and northern Connecticut).

While opening a CD at Chicopee Savings Bank requires an in-person visit to any of 8 Massachusetts branches located in Chicopee (4), Ludlow, South Hadley, Ware, and West Springfield, a pre-visit online application is available to facilitate the process.

In addition to collecting the information needed to open the CD, the online application also allows you to state which branch you would like to use, the best time for an appointment, and the method in which you would like to be contacted.

Bank Overview

Chicopee Savings Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 11.91% (above average) based on March 31, 2015 data. In the past year, Chicopee Savings Bank increased its total deposits by $34.14 Million, an excellent annual growth rate of 7.42%. Please refer to our financial overview of Chicopee Savings Bank for more details.

Chicopee Savings Bank (FDIC Certificate # 90179) was established in1854. The original bank was located in the Chicopee homestead of its first president, Jerome Wells. Throughout its 160+ year history, Chicopee Savings Bank has continued to be a thriving financial institution that has grown and evolved with the times. Chicopee Savings Bank is also an active supporter of the local community through the Chicopee Savings Bank Charitable Foundation Scholarship Program, which has awarded over $100K in scholarships to high school students living in Chicopee.

And for those of you interested in word etymology, Wikipedia offers this:

The city is named after the Chicopee River, whose mouth empties into the Connecticut River on in its boundaries. "Chicopee" is a Nipmuc word, probably from chekee ("violent") and pe ("waters") in most Algonquian dialects, with reference to rapids. The Nipmucs were the indigenous people of the lands that today make up the City of Chicopee, prior to the arrival of European colonists.

How the CDs Compare

When compared to the 335 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Masschusetts/Connecticut residents, Chicopee Savings Bank’s 13-Month CD Special currently ranks in the top three.

When compared to the 324 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Masschusetts/Connecticut residents, Chicopee Savings Bank’s 22-Month CD Special currently ranks in the top three.

The above rates are accurate as of 7/30/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

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Bankaholic's Sabrina Karl reports Chicopee Savings Bank products are now available nationwide:
Chicopee Savings’ certificates of deposit can be opened online or in person at one of its eight branches in and around Chicopee, Massachusetts.

Note, however, that while their online account application still indicates a Connecticut or Massachusetts residency requirement, I’ve confirmed with two different customer service representatives that their policy has indeed changed and any U.S. resident can open an account.

If you don’t live in their two-state region and run into any troubles opening your account online, simply give them a call.
Read more at: National Deal From Chicopee Savings
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