Cornerstone Bank (MA) Offers 38-month CD (Expired)


UPDATE: The 38-month and 22-month CD rates listed in this post were offered in 2018. These rates have expired and are no longer available.

Deal Summary: 22-month CD (2.50% APY), 38-month CD (2.75% APY), $500 minimum.

Availability: Market area is Massachusetts and nearby Connecticut.

Last week, Cornerstone Bank raised the rates on its 22-month CD (2.50% APY) and 38-month CD (2.75% APY) by 100 bps. The minimum opening deposit for any of the Bank’s CDs is $500, with no stated balance cap.

Both CDs are offered as IRAs (Traditional), earning the same APYs with the same funding requirements.

According to CSR, the Early Withdrawal Penalty for either the 22- or 38-month CD is six months interest.

Cornerstone Bank is a member of the Depositors Insurance Fund (DIF). The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered savings banks. The DIF has been insuring deposits since 1934.

The combination of FDIC and DIF insurance provides customers of Massachusetts-chartered savings banks with full deposit insurance on all their deposit accounts. No depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.


Headquartered in Worcester, Massachusetts, Cornerstone Bank will be celebrating its first anniversary in June, following the 2017 merger of SpencerBANK and Southbridge Savings Bank. While Cornerstone Bank’s market area is primarily Central Massachusetts, CSR stated that any resident of Massachusetts (18 years or older, with a valid Social Security number) is welcome to open an account. CSR also said residents of nearby Connecticut make up a portion of their customer base.

Current customers can open a CD through the Bank’s Online Banking platform.

CDs can also be opened at any of 15 Massachusetts branches located in Charlton, Holden, Leicester, North Oxford, Rutland, Southbridge (2), Spencer (3), Sturbridge, Warren, Webster, and Worcester (2).

Please call us at 800-939-9103 or stop by any branch to inquire about opening an account.

Bank Overview

Cornerstone Bank has an overall health grade of "A" at, with a Texas Ratio of 4.37% (excellent) based on December 31, 2017 data. In the past year, Cornerstone Bank has increased its total non-brokered deposits by $452.48 million, an excellent annual growth rate of 108.8%. Please refer to our financial overview of Cornerstone Bank (FDIC Certificate # 90282) for more details.

In April 2017, SpencerBANK and Southbridge Savings Bank announced their planned merger, which took effect in June 2017. Founded in 1871, SpencerBANK operated continuously as an independent, mutual savings bank in Central Massachusetts. Southbridge Savings Bank also served Central Massachusetts residents, businesses, and communities since being established in 1848. According to an April 2017 press release,

After conducting a branding study, they have officially selected a new name and logo. Both banks are excited to announce that the name of the merged bank will be: Cornerstone Bank.

“We have a strong brand loyalty with local roots that date back over a century,” commented K. Michael Robbins, President & CEO of SpencerBANK. “The name we chose best embodies our culture and promotes the values of integrity and trust that our banks were built on.”

The newly formed Cornerstone Bank is currently Massachusetts’ 36th largest bank, with assets in access of $1.1 billion and more than 58,800 customer accounts.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the market area, Cornerstone Bank’s 38-month CD APY currently share the top spot with Stoughton Co-operative Bank 40-month CD Special APY.

When compared to the similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the market area, Cornerstone Bank’s 22-month CD APY currently ranks second.

The above rates are accurate as of 3/13/2018.

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

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

Competitive Short-Term CD Rates at Spencer Savings Bank in MA - Local Only

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...

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4.00% 7-Month CD at Spencer Savings Bank in Massachusetts
Update 12/20/08: The 7-month CD rate has fallen to 3.50% APY. Please check the bank's website for the latest rates.

Spencer Savings Bank is offering a special 4.00% APY 7-month CD. Minimum deposit is $500. This CD is listed in the bank's rate table as of 12/18/08. Other CD specials are listed, but those are much less competitive with a yield of only 3%.

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 has some...

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.