Colonial Federal Savings Bank (MA) Ups 27-Month CD


UPDATE 5/14/2018: No longer available.

Deal Summary: 27-month CD, 2.70% APY, $1k minimum deposit.

Availability: Market area is primarily Norfolk County, Massachusetts.

Earlier this week, Colonial Federal Savings Bank (Colonial Federal) added 190 bps points to its 27-month CD, giving it a new, competitive 2.70% APY. The minimum deposit is $1k, with no stated balance cap.

The 27-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same APY with the same funding requirements.

The 2.70% APY is, by far, the highest rate the 27-month CD has offered since it was added to the product line in November 2016. With the exception of a 3-week rate hike to 2.00% APY in late 2017, the APY has remained between 0.80%-0.85% throughout its history.

As stated on the Deposit Rates page, the Early Withdrawal Penalty reads as follows:

180 Days simple interest on certificates with terms greater than one year.


Headquartered in Quincy, Massachusetts, Colonial Federal Savings Bank’s tag-line is “Your neighborhood bank!” According to CSR, the market area is primarily Norfolk County, although any Massachusetts resident is welcome to apply, “if they’re willing to come into a branch.” As always, it’s a good idea to call ahead to confirm your eligibility before traveling any distance.

Opening any type of account with Colonial Federal must be done at any of four Massachusetts branches located in Holbrook, Quincy (2), and Weymouth.

Colonial Federal’s online banking platform is currently devoted to account management and bill payment services.

Bank Overview

Colonial Federal Savings Bank has an overall health grade of "A" at, with a Texas Ratio of 0.18% (excellent) based on December 31, 2017 data. Colonial Federal has an excellent capitalization level (14.33%), the result of holding $305.92 million in assets with $43.83 million in equity. Please refer to our financial overview of Colonial Federal Savings Bank (FDIC Certificate # 28481) for more details.

As the only remaining mutual savings bank founded in the City of Quincy, the Bank was originally established in 1889 as the Colonial Federal Savings and Loan Association. The Colonial Federal Savings Bank rebrand occurred 95 years later. Living up to its description as “Your Neighborhood Bank,” Colonial Federal has participated in the Salvation Army’s Share the Warmth for the past four years, “donating boxes of hats, gloves, socks, scarves and more.”

How the CD Compares

When compared to the 380 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available within the Bank’s market area, Colonial Federal Savings Bank's 27-month CD APY currently ranks second.

The above rates are accurate as of 5/11/2018.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Boston CD rates, 5-year CD rates


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