Coastal Heritage Bank (MA) Adds 9- or 12-month CD Special (1.60% APY)
Coastal Heritage Bank has just added two limited-time CD Specials (9-month and 12-month) that each earn 1.60% APY. The minimum opening deposit is $1k of new money, with a maximum balance cap of $500k per person.
There is a limit of one account per person, and a personal checking account (new or existing) is required to open either CD.
According to CSR, the Early Withdrawal Penalty is three months of interest for the 9-month CD Special, with the 12-month CD Special losing six months interest.
Coast Heritage Bank’s deposits are not only FDIC insured, but are also covered by the Share Insurance Fund.
The Share Insurance Fund (SIF) is a private fund owned by the member co-operative banks, which insures all deposits at co-operative banks in Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.
Availability
Headquartered in Weymouth, Coastal Heritage Bank offers its services and product line to all residents of Massachusetts’s South Shore, which is loosely defined as the region stretching east and south from Boston (toward Cape Code) along the shores of Cape Cod Bay and Massachusetts Bay.
In December 2015, S-Bank and Scituate Federal Savings Bank merged and all branches are now operating under the Coastal Heritage Bank name.
Opening a limited-time 9-month or 12-month CD Special at requires an in-person visit to any of nine Massachusetts branches located in East Bridgewater, Green Harbor, Hanover, Hingham, Marshfield, Norwell, Quincy, Scituate, and Weymouth
Note: When I wrote about Coastal Heritage Bank a year ago, I noted that the online application previously available on S-Bank’s website was no longer available. At that time, CSR stated that a Coastal Heritage Bank online application was projected for the future. To quote a long-time DA reader, “The future’s not quite here yet,” as the online platform is currently limited to account management and bill payment services.
Bank Overview
Coastal Heritage Bank (FDIC Certificate # 26575) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 1.948% (excellent), based on September 30, 2016 data. In the past year, Coastal Heritage Bank increased its total non-brokered deposits by $234.9 million, an excellent growth rate of 145.97%. Please refer to our financial overview of Coastal Heritage Bank for more details.
Established in 1890 as the South Shore Co-operative Bank, the Bank changed its name to S-Bank in 2008. The name changed was motivated by a simple reason: people outside the bank frequently confused the Bank with a nearby larger bank, the South Shore Savings Bank. Re-branded in December 2015 following the merger between S-Bank and Scituate Federal Savings Bank, Coast Heritage Bank is currently Massachusetts’ 73st largest bank with assets in excess of $487 million.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available in the Bank’s market area, Coastal Heritage Bank's 9-month CD Special currently ranks first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available in the Bank’s market area, Coastal Heritage Bank's 9-month CD Special currently ranks first.
The above rates are accurate as of 1/19/2016.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or Rates Map page.
