East Boston Savings Bank Offers 13-Month Fixed Special CD

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Availability: Market area is Massachusetts.

In early October, I wrote about Massachusetts-based East Boston Savings Bank’s 48-month CD (2.13% APY). Good news – the 2.13% APY is still in effect.

East Boston Savings Bank (EBSB) is also offering a 13-month Fixed CD Special (1.26% APY) and a 16-month Fixed CD (1.35% APY). The minimum deposit for either CD is $1K and there is no balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$1k-East Boston Savings Bank48 Month CD
1.35%$1k-East Boston Savings Bank16 Month Fixed CD Special
1.35%$500-East Boston Savings Bank16 Month Fixed IRA Special
1.26%$1k-East Boston Savings Bank13 Month CD Special
1.26%$500-East Boston Savings Bank13 Month IRA Special (Traditional, Roth, CESA, SEP)
Accounts mentioned in this post. Rates as of August 25, 2016.

Both CDs are available as IRAs (Traditional, Roth, CESA, and SEP), earning the same APYs, but with a lower minimum deposit of $500.

According to CSR, the Early Withdrawal Penalty is 3 months interest.

Availability

Headquartered in Boston, East Boston Savings Bank is Massachusetts’ 10th largest bank and offers its services and product line to all Massachusetts residents.

Opening an account with EBSB requires an in-person visit to any of 29 Massachusetts branches located in Allston, Belmont, Boston (5), Brookline, Cambridge, Danvers, Dorchester (3), Everett, Lynn, Medford, Melrose, Peabody, Revere (2), Saugus (2), Somerville, South Boston (3), Wakefield, West Roxbury, and Winthrop.

Bank Overview

East Boston Savings Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 7.79% (excellent) based on September 30, 2015 data. In the past year, EBSB has increased its total deposits by $72.84 Million, an above average annual growth rate of 2.85%. Please refer to our financial overview of East Boston Savings Bank for more details.

East Boston Savings Bank (FDIC Certificate # 33510) began its rich history 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.

165 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 $3.2 Billion.

How the CDs Compare

When compared to the 337 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, East Boston Savings Bank’s 13-month Fixed Special CD currently ranks third.

When compared to the 272 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, East Boston Savings Bank’s 16-month Fixed CD currently ranks sixth.

The above rates are accurate as of 12/20/2015.

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

Comments
CAL PESISMIST
CAL PESISMIST (anonymous)   |     |   Comment #1
ANOTHER THING YOU WILL SEE STARTING IN 2016

--ELIMINATION OF MONEY MARKETS

--TO GET WHAT WAS MONEY MARKET RATES YOU WILL HAVE TO OPEN A RELATIONSHIP CHECKING ACCOUNT

--ALSO ELIMINATED WILL BE PAPER STATEMENTS, CASHING CHECKS FOR CASH (YOU MUST GO TO THE AUTOTELLER), DAILY AND MONTHLY INTEREST PAYMENTS (QUARTERLY ONLY), AND "NO FEE" MOBILE CHECKING (SORRY APPLE).

ADDED WILL BE --FEEs FOR CALLING FOR INFO, FEEs FOR MULTIPLE OWNERSHIP OF ACCOUNTS, FEEs FOR MORE THAN 1 DEPOSIT PER MONTH, FEEs FOR AUTOPAYS, AND FEES FOR MORE THAN 3 TELLER ACTIVITIES PER MONTH

BUT--REMEMBER--THERE ARE ALWAYS CREDIT UNIONS (BUT THEY WILL CATCH UP)
Anonymous
Anonymous   |     |   Comment #2
I recently ended my relationship with EBSB.  I had a halfway decent CD rate, but the customer service was unaccommodating, and they charge inactivity fees on accounts they force you to open.  Once my CD matured, I closed all accounts.
Anonymous
Anonymous   |     |   Comment #3
Keep Away.  On my 2 CD's with them I sent letters to close right after the renewal notice came..  I never got the checks.  Had to call and they said they never got the letters.  Had to wait 10 more days after I made the call before I got the check. 
Anonymous
Anonymous   |     |   Comment #4
Similarly, I was going to be out of the country when my CD term ended, so I called and also sent a letter with directions of what to do and when.  When I returned, nothing had been done.  They admitted to having my letter, but they just didn't get around to doing anything about it.
DCGuy
DCGuy (anonymous)   |     |   Comment #5
I had a three year CD account that matured back in the summer.  I sent an email to Customer Service to not renew the account and to deposit the balance into the Money market account.  They did that within one day of my request when the maturity date had arrived.  I did append a note to tell them that I did not want the CD to renew past the withdrawal deadline date and to notify me if a faxed letter or anything else was required.  The online customer service person completed my request without any problems.
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Availability: Market area is Massachusetts.

East Boston Savings Bank (MA) began the week by raising the rate on its 48-month CD (2.13% APY). This is the highest rate in more than 5 years for the 48-month CD. The minimum opening deposit is $1K, with no maximum balance cap.

The 48-month CD is also offered as an IRA (Traditional) at the same rate, but with a $500 minimum opening deposit. According to CSR, the Early Withdrawal Penalty is 3 months interest.

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