East Boston Savings Bank (MA) Hikes 48-Month CD Rate

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Availability: Market area is Greater Boston metropolitan area.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.25%$1k-East Boston Savings Bank48 Month CD
1.25%$500-East Boston Savings Bank48 Month IRA (Traditional, Roth, CESA, SEP)
Accounts mentioned in this post. Rates as of October 20, 2017.

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.

Availability

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.

Bank Overview

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.

The above rates are accurate as of 1/18/2017.

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


Comments
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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.

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

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East Boston Savings Bank Boosts 48-month CD Rate
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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Thanks to DA member scottj for the Forum posting on this CD.

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Last month the bank was advertising a $100 checking account bonus. This promotion should still be available. I have...

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To qualify for the bonus, a new personal checking account must be opened with a minimum deposit of $50. The first $50 bonus will be rewarded for direct deposit...

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