Earlier this month, Coastal Heritage Bank (Massachusetts) raised the rate on its 9-month CD (1.27% APY). This is a new CD that was added to the product line in early December 2015, with an initial APY of 1.01%. The minimum opening deposit is $500, with a maximum balance cap of $250,000 per person.
According to CSR, the Early Withdrawal Penalty is a fairly substantial three months of interest.
Heritage Plus Checking
Another new product at Coastal Heritage Bank is the Heritage Plus Checking account, which earns 1.75% APY on qualifying balances up to $25K, and 0.10% APY on qualifying balances over $25K; non-qualifying balances earn 0.10% APY. The monthly qualifying requirements are relatively simple and straight forward:
- At least 12 debit card transactions, and
- At least one direct deposit or ACH transfers
The minimum deposit to open a Heritage Plus Checking account is $500 and there is no monthly maintenance fee, no per check charge, or minimum balance requirement.
In early December 2015, S-Bank and Scituate Federal Savings Bank merged and all branches are now operating under the Coastal Heritage Bank name.
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.
Opening a CD at Coastal Heritage Bank currently requires an in-person visit to any of 9 branches (all S-Bank and Scituate Federal Savings Bank branches remain open) located in East Bridgewater, Green Harbor, Hanover, Hingham, Marshfield, Norwell, Quincy, Scituate, and Weymouth
While the vast majority of services have remained intact following the merger, the online application that was previously available on S-Bank’s website is no longer available. CSR stated that a Coastal Heritage Bank online application is projected for the future, but at this time, the online platform is dedicated to account management and bill payment services.
Coastal Heritage Bank has an overall health grade of "B+" at DepositAccounts.com, with an excellent Texas ratio of 3.26%, based on September 30, 2015 data. Coastal Heritage Bank has an above average capitalization level of 9.85%, a result of holding $199.01 Million in assets, with $19.61 Million in equity. 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. The Bank was re-branded as Coastal Heritage Bank in December 2015, following the merger between S-Bank and Scituate Federal Savings Bank.
Coast Heritage Bank’s deposits are not only insured by the FDIC (Certificate # 26575), 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.
How the CD Compares
When compared to other similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Massachusetts residents, Coastal Heritage Bank's 9-month CD currently ranks first.
The above rates are accurate as of 1/21/2016.