Earlier this week, Everett Co-operative Bank (ECB) raised the rate on its 14-month CD Special (1.30% APY) and 60-month CD (2.25% APY). The minimum opening deposit for either CD is $500, with a maximum balance cap of $250k.
According to CSR, the Early Withdrawal Penalty for either CD is six months interest.
The fine print at the bottom of the Certificates of Deposit Rates page states:
ECB NOW Checking Account is requested.
I misread it at first, thinking it was “required” rather than “requested.” CSR and I had a laugh over it when I asked about the “required” NOW Checking Account. CSR stated that the Bank’s sense of propriety would never demand such a relationship, but would politely suggest one instead.
Everett Co-operative Bank is small, privately owned financial institution located in Everett, Massachusetts (five miles north of Boston).
The Bank’s services and product line are available to all residents of Massachusetts, but an in-person visit to either of two Massachusetts branches, located in Everett and Lynnfield, is required to open any account.
ECB’s online banking platform is currently dedicated to account management and bill payment services.ECB’s deposits are not only insured by the FDIC, but are also covered by the Share Insurance Fund.
The Share Insurance Fund (SIF) is a private fund owned by the member
co-operative banks, which insures all deposits at co-operative banks in
Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.
Everett Co-operative Bank (FDIC Certificate # 26444)has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 3.91% (excellent), based on March 31, 2016 data. In the past year, ECB has increased its total deposits by $42.02 million, an excellent annual growth rate of 13.04%. Please refer to our financial overview of Everett Co-operative Bank for more details.
Founded in 1890, Everett Co-operative Bank is somewhat of a rarity in these uncertain economic times: a privately owned community bank that is flourishing. In a 2014 article in the Massachusetts Banker (and reprinted in the Everett Advocate), ECB President and CEO Elizabeth Jones stated,
“We have gone from $136 million in assets to $377 million in 15 years,” said Jones. “And we are the fourth-largest single-branch community bank in the state.”
Yep, you read that correctly. Those figures are without Everett Co-op acquiring another bank or building additional branches, which makes it even more remarkable.
Since that interview, ECB has added a new branch in Lynnfield and is currently the 5th largest two-branch community bank in Massachusetts, with assets in excess of $431 million.
How the CDs Compare
When compared to the 342 similar length-of-term CDs tracked by DepositAccounts.com, with similar deposit requirements and available to Massachusetts residents, Everett Co-operative Bank’s 14-month CD Special APY currently ranks second.
When compared to the 279 similar length-of-term CDs tracked by DepositAccounts.com, with similar deposit requirements and available to Massachusetts residents, Everett Co-operative Bank’s 60-month CD APY currently ranks fourth.
The above rates are accurate as of 7/27/2016.