Competitive Long-Term CD Rates at Danversbank in MA - Local Only - Update


Danversbank is offering a two competitive CD and IRA CD rates: 2.75% APY for 5 years and 2.00% APY for 3 years. Danversbank's short-term CDs have rates that are much less competitive. Minimum deposit is $500. According to the CSR, these CDs have an early withdrawal penalty of 6 months of interest. These rates are listed in Danversbank's rates page as of 1/4/2011.

As a comparison to internet banks on 1/4/2011, the best 5-year CD rate is 2.75% APY at Salem Five. One downside with this CD is an early withdrawal penalty of 15 months of interest.

Some of Danversbank's short-term CDs are available online, but I was told by a Danversbank CSR that these long-term CDs can only be opened at one of their branches. Danversbank's branches are located in several Massachusetts cities including Boston, Danvers, Salem and Wilmington.

Review of Danversbank's Internet Accounts

Danversbank still has one of the best nationwide rewards checking account with a 3.01% APY for balances up to $25K as of 1/4/2011 (see review). Danversbank used to have a very competitive online savings account, but this account now pays only 0.50% which is low even by today's standards for internet savings accounts. This does make me wonder how they can afford to pay so much more interest on the reward checking account. The debit card usage and the balance cap helps, but I don't think it helps that much.

Danversbank has an overall health score of 4 out of 5 with a Texas Ratio of 5.17% (excellent) based on September 2010 data. It's a sizable bank with $2.62 billion in assets. Please refer to our financial overview of Danversbank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90185).

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of

Competitive Long-Term CD Rates at Danversbank in MA - Local Only

Danversbank is offering a few competitive CD and IRA CD rates. The best one is a 2.50% APY 3-year CD. It used to be easy to find 3-year CDs with yields of 2.50%, but that's no longer the case in today's record low interest rate environment. The other CD rates that are fairly competitive include a 2.00% APY 30-month CD and a 2.75% APY 60-month CD. Minimum deposit is $500. These rates are listed in Danversbank's rates page as of the morning of 7/27/2010.

Even though Danversbank offers nationwide savings account...

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Danversbank's Free Rewards Checking Account - Application Review

Last week I reviewed the account opening process of ViewPoint Bank's Absolute Checking Account. This is one of the two reward checking accounts available nationwide that still offer 4% APY on balances of at least $25K. The other one is the Free Reward Checking offered by Danversbank. A reader has recently gone through the application process for both of these accounts and has emailed me all of the details. In this post I'll review Danversbank's application process.

Danversbank's Rate History and Future Rate Concerns

Danversbank has a fairly long history with its...

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Hot One-Year CD Local Deal (MA) and Other Good Nationwide Deals at Danversbank

Danversbank is offering a hot CD special at one of its new branches at 485 Massachusetts Avenue, Cambridge, MA. It's a 2.50% 12-month CD. Minimum deposit is $500, and the maximum is $500,000. New money is required. The special isn't listed at the bank's website. It was advertised last Friday (1/29/2010) in a Boston newspaper. The ad is available online here. I called this morning and confirmed that it's still available as of today (2/1/2010). According to the CSR, it could end on any day.

The special can only be opened...

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3.30% 4-Month CD & 3.00% Online Savings Account at Danvers Bank in MA

Update 5/18/10: The DBK Online Savings account rate has fallen to 1.00% APY. Refer to the bottom of the post for the rate history.

Danvers Bank is offering two competitive online accounts: a 3.30% APY 4-month CD and a 3.00% APY savings account. Minimum deposit is $500 for the CD and only $1 for the savings account. These rates are listed in the bank's rate table as of 2/17/09.

A reader reported being told these accounts are available to all. I've sent the bank an email for more information. Update 2/18/09: Here's...

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2.50% 9-Month CD at Danvers Bank in Massachusetts
Danvers Bank is offering a special CD rate of 2.50% APY for terms of 9 and 12 months. Minimum deposit is $500. These rates are listed on the bank's rate table as of 5/03/09.

As of 5/3/09, Danver Bank continues to offer an online 4-month CD with a 2.50% APY and a 2.05% APY online savings account. As I described in this February post, these online accounts are available nationwide. The 9 and 12-month special CDs are not listed in the online application and may require a branch visit.

They also offer...

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