Georgetown Bank (MA) Raises Rates On Classic CDs

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Availability: Market area is Massachusetts and southern New Hampshire.

At the end of last week, Georgetown Bank raised the rates across the board on a majority of its Classic CDs, with the 18-month (1.60% APY), 30-month (2.10% APY) and 48-month (2.15% APY) being the most competitive.

The minimum opening deposit for any of the Classic CDs is $1K, with no maximum balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.70%$1k-Georgetown Bank48 Month Classic CD
1.70%$1k-Georgetown Bank48 Month IRA (Traditional, Roth)
1.50%$1k-Georgetown Bank30 Month Classic CD
1.50%$1k-Georgetown Bank30 Month IRA (Traditional, Roth)
1.15%$1k-Georgetown Bank18 Month Classic CD
1.15%$1k-Georgetown Bank18 Month IRA (Traditional, Roth)
Accounts mentioned in this post. Rates as of December 7, 2016.

The Classic CDs are also available as IRAs (Traditional and Roth), earning the same APYs and with the same funding requirements.

According to a very helpful and informative CSR, the Early Withdrawal Penalty is decided on a case-by-case basis, using the amount being withdrawn and the time left until maturity as the determinant factors.

Availability

While Georgetown Bank’s physical market area is comprised of Essex County (Massachusetts' third-most populous county) and southern New Hampshire, its entire product line is also available to all Massachusetts residents, through its online banking platform.

Opening a CD, or any other account, can be done online, or at any of the three Massachusetts branches located in Georgetown, North Andover, and Rowley.

Bank Overview

Georgetown Bank has an overall health grade of "A+" at DepositAccounts.com, with an excellent Texas ratio of 3.12%, based on June 30, 2015 data. In the past year, Georgetown Bank increased its total deposits by $31.97 Million, an excellent annual growth rate of 7.59%. Please refer to our financial overview of Georgetown Bank for more details.

Founded in 1868 as the Georgetown Savings Bank, Georgetown Bank (FDIC Certificate # 90202) was a Massachusetts state-chartered mutual savings bank for 137 years before converting to a federal charter in 2005. In March 2015, Georgetown Bank was once again awarded BauerFinancial’s 5-Star Superior rating.

How the Classic CDs Compare

When compared to the 229 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Massachuetts residents, Georgetown Bank's 18-month Classic CD currently ranks first.

When compared to the 325 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Massachuetts residents, Georgetown Bank's 30-month Classic CD currently ranks first.

When compared to the 282 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to Massachuetts residents, Georgetown Bank's 48-month Classic CD currently ranks first.

The above rates are accurate as of 10/19/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

Comments
cumulus
cumulus   |     |   Comment #1
According to Bankaholic the
...early-withdrawal penalty is the interest from half of the months remaining until maturity
Read more
Anonymous
Anonymous   |     |   Comment #2
I just tried to open a 1.60 APY $200K CD online and when it didn't work I called and they said you have to come into the bank for that amount.  Sorry I neglected to ask what the online opening limit was, but the current posting here should say something about that .  It is also not shown on the bank website.  What a waste of time.