At the end of February, HarborOne Bank (HarborOne) offered a 13-month Remarkable CD (2.75% APY) that was only available for two days. Barely two weeks later, HarborOne has added two limited-time CD Specials: 11-month (1.75% APY) and 20-month (2.30% APY). Of the two, the 20-month is the more competitive CD.
The minimum deposit is $1k of new money, with a $250k maximum deposit. The definition of new money is slightly different than what I’m used to seeing. According to the Deposit Rates page,
Available for New Money to HarborOne Bank, monies cannot be transferred
from an existing HarborOne account, except for maturing CDs through April 30.
The CD Specials are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
HarborOne was originally a credit union, with a history of offering good CD deals. Since becoming a state chartered cooperative bank in 2015, HarborOne’s selection of CDs just hasn’t been that impressive. Two offerings in two weeks can hardly be called a trend, so I’ll just say it may be a good beginning of a trend.
As stated on the Important Account Information page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year but less than twenty four months:
The penalty we may impose will equal nine months interest on the amount withdrawn subject to penalty.
Thanks to the long-time DA reader, Jimb, who let me know about this latest deal.
Headquartered in Brockton, Massachusetts, HarborOne Bank offers its product line to individuals who have a valid mailing address in New England, including Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
A CD Special can be opened online, or at any of 14 Massachusetts branches located in Abington, Attleboro, Bridgewater, Brockton (4), Canton, Mansfield, Middleboro, North Easton, Plymouth, Randolph, and Raynham.
HarborOne Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.18% (excellent) based on December 31, 2017 data. HarborOne has an above average capitalization level of 10.60%, the result of holding $2.65 billion in assets with $280.99 million in equity. Please refer to our financial overview of HarborOne Bank (FDIC Certificate #59070) for more details.
HarborOne Bank is currently the 17th largest bank in Massachusetts, with assets in excess of $2.6 billion and more than 154,000 customer accounts. Established in 1918 as Brockton Credit Union, the name was changed to HarborOne Credit Union in 2004 to reflect an expanded field of membership, which included four east Massachusetts counties. In 2013, HarborOne converted to a bank to “provide more opportunities for growth and better meet the needs of those who wanted to do business” with HarborOne.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, HarborOne Bank’s 20-month CD Special currently ranks fourth.
The above rates are accurate as of 3/14/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.