bankESB Offers New 7-Month Special CD
One of the “New to Summary” CDs in yesterday’s CD Rates Summary is the 7-month Special CD (1.15% APY) offered by Massachusetts-based bankESB (formerly known as Easthampton Savings Bank). This limited-time Special CD requires a $1k minimum opening deposit, with no stated balance. According to CSR, no end-date has been announced, but the offer could end at any time.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.85% | $0 | - | bankESB | 7 Month CD Special | |
| 3.85% | $0 | - | bankESB | 7 Month IRA Special (Traditional, Roth) |
The Special CD is also available as an Special IRA CD (Traditional, Roth) earning the same APY with the same deposit requirements.
CSR stated the Early Withdrawal Penalty is 90 days of dividends, with partial withdrawals allowed. As stated on bankESB’s COVID-19 Response Plan page,
We will waive early withdrawal penalties on CD withdrawals up to $10,000 per customer.
There is no indication how long this provision will last.
Funding a Special CD can be done by ACH or wire transfer ($15 fee), or by mailing a check.
Your deposit must occur within 5 calendar days of the date your application is submitted
to qualify for the rate and term selected during this new account opening session.
Maturing funds can be distributed by cashier’s check or wire transfer ($25 fee), or transferred into a bankESB checking or savings account.
Availability
Headquartered in Easthampton, Massachusetts, bankESB has expanded its market area and now offers its product line to all U.S. citizens and resident aliens, 18 years or older, who have a physical address in any of the 50 states or the District of Columbia.
Opening a CD Special can be done online. bankESB’s 11 Massachusetts branches (located in Agawan, Belchertown, Easthampton (2), Hadley, Holyoke, Northampton (2), South Hadley, Southampton, and Westfield) will re-open on July 6, 2020. Until that time, bankESB’s drive-ups and ATMs are open, with access to a safe deposit box available by appointment. The COVID-19 Response Plan page provides up-to-date information concerning bankESB’s plans.
Bank Overview
bankESB has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.83% (excellent), based on December 31, 2019 data. In the past year, bankESB has increased its total non-brokered deposits by $86.57 million, an excellent annual growth rate of 8.29%. Please refer to our financial overview of bankESB (FDIC Certificate # 90188) for more details.
Originally known as Easthampton Savings Bank, bankESB has been serving the residents of mid-Massachusetts since 1869. The majority of expansion and growth took place in the last 40 years, including the opening of eight new branches, the launching of its eBranch (2012), and the acquisition of The Citizens National Bank (2015). As part of the Hometown Financial Group (a $3 billion mutual holding company), bankESB is currently the 31st largest bank in Massachusetts, with assets in excess of $1.4 billion.
How the Special CD Compares
When compared to 187 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and required a minimum deposit of $10k or less, bankESB's 7-month Special CD APY* currently ranks fourth.
The above rates are accurate as of 6/17/2020.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.
*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process all the changes quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.
