While Georgetown Bank has been offering its Classic CDs for more than six years, the Bank has recently added several Classic CD Specials. Of the eight new Classical CD Specials, the 18-month (1.75% APY) and 36-month (2.00% APY) are the most competitive. A $10k minimum deposit is required to open any of the Specials; there is no stated balance cap.
The Classic CD Specials (with the exception of the 12-month) are not available as IRAs.
According to CSR, the Early Withdrawal Penalty for any CD with a term of 12 months or more is six months interest.
While Georgetown Bank’s physical market area is composed of Essex County (Massachusetts' third-most populous county) and southern New Hampshire, its entire product line is available to all Massachusetts residents through its online banking platform.
Founded in 1868 as the Georgetown Savings Bank, Georgetown Bank was a Massachusetts state-chartered mutual savings bank for 137 years before converting to a federal charter in 2005. Earlier this year, Georgetown Bank was acquired by Salem Five Bank, Massachusetts’ seventh largest bank, and as such, now operates under Salem Five Bank’s FDIC Certificate (# 90202) and shares its financial history.
Salem Five Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.36% (excellent), based on March 31, 2017 data. In the past year, Salem Five Bank has increased its total non-brokered deposits by $231.39 million, an excellent annual growth rate of 8.11%. Please refer to our financial overview of Salem Five Bank for more details.
According to Georgetown Bank’s Who We Are page,
Georgetown Bank and its retail locations will operate as a
division of Salem Five Bank until a full conversion in the spring of 2018.
How the Classic CDs Compare
When compared to the 312 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the Bank’s market area, Georgetown Bank's 18-month Classic CD Special APY currently ranks third.
When compared to the 386 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to within the Bank’s market area, Georgetown Bank's 36-month Classic CD Special APY currently ranks fifth. (FYI – that 2.00% APY is currently offered by eight other financial institutions on 3-year CDs.)
The above rates are accurate as of 8/17/2017.