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 $500.
According to CSR, the Early Withdrawal Penalty is 3 months interest.
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.
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.