bankESB Offers New 7-Month Special CD

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Deal Summary: 7-month Special CD, 1.15% APY, $1k minimum deposit.

Availability: Nationwide through online application.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.40%$1k-bankESB7 Month CD Special
0.40%$1k-bankESB7 Month IRA Special (Traditional, Roth)
Rates as of September 26, 2020.

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.

Related Pages: Springfield CD rates, 1-year CD rates, nationwide deals, Internet banks

Comments
Fan_of_website
  |     |   Comment #1
I called bankESB to ask about opening a CD and was informed that their products are local market only, not available nationwide. I told her that an option on the website indicated that any resident in the US could open a CD, although checking and savings accounts appear to be limited to Massachusetts residents. She still insisted that bankESB products were restricted to a local area. I did not attempt to open, so can not confirm. Perhaps just an uninformed CSR, but I thought I would share this data point.
Easthampton Savings Bank Offers $200 New Checking Account Bonus
Availability: Bonus available in Massachusetts, Connecticut, and Rhode Island.

Massachusetts based Easthampton Savings Bank (ESB) is offering a 3-part bonus promotion on new Basic, GetReal, and Premier checking accounts, which could total as much as $200. This is a limited-time offer, but no end date is specified on ESB’s website.

Complete details for the Basic, are listed on the promotion page. The minimum opening deposit for a Basic or GetReal checking account is $10, while the Premier checking account requires a minimum $100 opening deposit.

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Easthampton Savings Bank Has New Checking Account Bonus
Availability: Bonus available in Massachusetts, Connecticut, and Rhode Island.

Easthampton Savings Bank (ESB) is offering a 3-part bonus promotion on its Basic, GetReal, and Premier checking accounts, which could total as much as $150. This is a limited-time offer, but no end date is specified on ESB’s website.

Details for the Basic, are listed on the promotion page.

The bonuses are for new ESB personal checking account customers in Massachusetts, Connecticut, and Rhode Island only. (Note: while some banks define "new" with specific time frames, such as...

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Top 9-Month CD Rate Available Nationwide at Easthampton Savings Bank

If you're looking for CDs with maturities under 1-year, you might be in for a shock when you compare rates. Interest rates are very low these days for short-term CDs. The best 9-month CD that I've found that's available nationwide is at Easthampton Savings Bank which is offering a 1.35% APY.  The only other competitive CD rate listed is a 2.00% APY 3-year CD. Minimum deposit is $1,000. These rates are listed in the bank's deposit rates page as of 10/24/2010.

As a comparison, this is 10 basis points higher than...

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.