As part of its “Save For What Matters” promotion, Massachusetts-based HarborOne Bank (HarborOne) is offering a 14-month CD Special with a competitive 5.35% APY. The minimum opening deposit is $1k of new money, with no stated balance cap. “New money” is defined as “new-to-bank deposits.”
The 14-month CD Special is also available as an IRA CD Special (Traditional, Roth, CESA), earning the same 5.35% APY but requiring a lower minimum deposit of $500.
The Truth-in-Savings disclosure is no longer included on the Important Account Information page. CSR confirmed that the following Early Withdrawal Penalty is still in effect:
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The penalty we may impose will equal nine months interest on the amount withdrawn subject to penalty.
If you are opening a 14-month CD Special, you might consider HarborOne’s $600 Bonus. Only new customers qualify for the bonus and are defined as:
Criteria for New Customers:
- New customer to the Bank;
- Existing customer that did not have a checking account;
- Existing customer that is not the tax owner on any existing checking account;
- Considered new if the customer has not had a checking account in prior 12 months;
- If multiple accounts are opened with the same signer, only one account will be eligible for the incentive.
The $600 bonus is made up of a $300 checking bonus and a $300 savings bonus.
To receive the $300 Checking bonus:
1) Primary tax owner must register at www.harborone.com/register for the bonus within 30 days of account opening AND
2) Open and fund any new HarborOne personal Checking Account; AND
3) Receive direct deposits totaling at least $2,500 per month, starting within 30 days of account opening, for 3 consecutive months.
To receive the additional $300 Savings bonus:
1) Must meet all checking bonus requirements above, AND
(2) Open any new HarborOne Personal Savings, Money Market or CD account, (with the same tax ID # used when opening checking) with new money to HarborOne, in accordance with the minimum opening balance requirement, AND maintain at least a $10,000 combined average monthly balance in your new Savings/MM/CD account each month for 3 months, starting within 30 days of account opening.
Account must remain open, active, in good standing, and in the same product type through the 3 month period from account opening to receive the bonus for noted offers above.
Complete details can be found in the fine print on the landing page.
Depositors Insurance Fund
Until fairly recently, HarborOne deposits were insured by both the FDIC and Depositors Insurance Fund (DIF). (DIF is a private, industry-sponsored insurance fund that insures all deposits above FDIC limits at its member banks.) As stated on of the Deposit Insurance page,
Why is HarborOne Bank exiting DIF?
HarborOne Bank’s substantial deposit growth has caused the Bank to reach and exceed the maximum deposit level allowed by DIF for member banks. This is the result of sustained growth, thanks to the trust that our customers have placed in us.
When will the DIF coverage on my account(s) end?
- HarborOne Bank will officially exit the DIF at 5 p.m. local time on February 24, 2023. Accounts opened after this date and time are not be covered by DIF insurance.
- All money in checking, savings and money market accounts at HarborOne Bank as of 5 p.m. local time on February 24, 2023 will remain covered by DIF insurance for one full year, until February 24, 2024 (the “grace period”). If additional funds are added to existing checking, savings or money market accounts during the grace period, they will not be insured by DIF.
- Certificates of Deposit (CDs) opened on or before 5 p.m. local time on February 24, 2023 will continue to be insured by DIF until maturity.
Headquartered in Brockton, Massachusetts, HarborOne Bank offers its product line to individuals who have a valid mailing address (excluding PO Boxes) in New England, including Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
A CD Special can be opened online, or at any of 21 Massachusetts branches located in Abington, Attleboro, Boston (3), Bridgewater, Brighton, Brockton (3), Brookline, Cambridge, Canton, Mansfield, Middleboro, North Easton, Plymouth, Quincy, Randolph, Raynham, and Stoughton. Following the 2018 acquisition of Coastway Community Bank (Providence, RI), HarborOne added nine Rhode Island branches located in Cranston (2), East Greenwich, Lincoln, Providence (2), Riverside, and Warwick (2). Appointments are available and can be scheduled online.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH.
- Ownership – Individual or joint (online), trust accounts only in-branch.
- Interest – Compounded/credited monthly and can be withdrawn penalty-free.
- Maturing Funds – ACH, cashier’s check to the address on file, internal transfer.
- Beneficiaries – One beneficiary allowed, with Social Security number required.
- Grace Period – 10 calendar days before renewed as a 12-month CD.
- Credit Check – Soft pull, ChexSystems.
HarborOne Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.68% (excellent) based on March 31, 2023 data. In the past year, HarborOne has increased its total non-brokered deposits by $200.92 million, an excellent annual growth rate of 5.32%. Please refer to our financial overview of HarborOne Bank (FDIC Certificate #59070) for more details.
HarborOne Bank is currently the ninth largest bank headquartered in Massachusetts, with assets in excess of $5.5 billion and nearly 200,000 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 14-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, two banks and two credit unions have higher rates than currently offered on the HarborOne Bank 14-month CD Special. The following table compares the 14-month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 7/17/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.