East Boston Savings Bank (EBSB) has raised the rate on its 48-month CD (2.13% APY). The minimum opening deposit is $1k, with no stated balance cap.
For the past seven months, the 48-month CD’s APY was 1.50%, following a six-month stay at 2.13%. The current APY is the highest rate for the 48-month CD in more than six years.
|2.13%||$1k||-||East Boston Savings Bank||48 Month CD|
|2.13%||$500||-||East Boston Savings Bank||48 Month Fixed IRA (Traditional, Roth, CESA, SEP)|
The 48-month CD is also offered as an IRA (Traditional, Roth, CESA, SEP) earning the same APY, but requiring a $500 minimum opening deposit.
According to CSR, the Early Withdrawal Penalty for any CD with a term of 36 months or greater is 12 months interest.
Headquartered in Boston, East Boston Savings Bank is Massachusetts’ eighth largest bank and offers its services and product line to the residents of the Greater Boston metropolitan area.
Opening an account with EBSB requires an in-person visit to any of 31 Massachusetts branches located in Allston, Belmont, Boston (6), Brookline (2), Cambridge, Danvers, Dorchester (3), Everett, Lynn, Medford, Melrose, Peabody, Revere (2), Saugus (2), Somerville, South Boston (3), Wakefield, West Roxbury, and Winthrop.
East Boston Savings Bank (FDIC Certificate # 33510) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 2.94% (excellent) based on September 30, 2016 data. In the past year, EBSB has increased its total non-brokered deposits by $301.68 million, an excellent annual growth rate of 11.47%. Please refer to our financial overview of East Boston Savings Bank for more details.
East Boston Savings Bank’s rich history began in the Noddle’s Island area, a center of commerce highlighted by shipbuilding, carpentry, sugar-refining, and iron foundries. Those early merchants and world-famous shipbuilders were the leaders in the formation of East Boston Savings Bank.
On January 17, 1849, the first official business day of the Bank, 57 people deposited $2,999.00 at the Bank’s Maverick Square Office. The next day,
the Bank’s Board of Investment voted to purchase 15 shares of stock in the Merchant’s Bank of Boston and so began over 16 decades of growth, prosperity and prudent asset management for the merchants and residents of East Boston.
168 years later, following growth in size and scope (including a merger with Mt. Washington Cooperative Bank), East Boston Savings Bank has become the largest community bank in Suffolk County, holding assets in excess of $4 billion.
How the CD Compares
When compared to the 319 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available with the Bank’s market area, East Boston Savings Bank’s 48-month CD currently ranks second.
|Interest Rate||CD Length of Term||Bank/Credit Union|
|2.50% APY||48-Month Share Certificate Special||Institution for Savings|
|2.13% APY||48-Month CD||East Boston Savings Bank|
|1.91% APY||4-Year Share Certificate||Melrose Credit Union|
The above rates are accurate as of 1/18/2017.