Spencer Savings Bank in Massachusetts is offering several competitive CD rates. Its most competitive standard CD rate is 2.00% APY for an 18-month term. Other top rates include a 1.55% APY 6-month CD and a 1.75% APY 12-month CD. The 12-month and 18-month terms are also available in an IRA. Minimum deposit is $500. These rates are listed at the bank's CD rates page as of 4/08/2010.
In addition to the above standard CDs, the bank also has special CDs, but these rates are not much better than the standard CD rates listed above. The specials include a 1.55% APY 5- and 7-month CD, 1.65% APY 9-month CD and a 1.80% APY 13-month CD. These rates are listed at the bank's CD specials rates page as of 4/08/2010.
It appears a branch visit is required to open an account. Branches are located in the Massachusetts cities of Spencer, Leicester, Rutland, Warren and Worcester.
The bank's ratings for safety and soundness are a mixed: 3½ stars (good) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). It has been a FDIC member since 1985 (FDIC Certificate # 90282).
Note: There's also a Spencer Savings Bank in New Jersey which is a different bank.
Best CD Rates
A 1.55% 6-month CD may not seem competitive. Unfortunately, it is. The highest APY as of 4/08/2010 at Bankrate for a 6-month CD is only 1.29%. The top APY for an 18-month CD is 1.79%. You can find higher rates in the CD rates section of DepositAccounts.com (with New & improved format!).