When I last wrote about HarborOne Bank (HarborOne) in 2013, it had recently changed from a credit union to a bank. As a credit union, HarborOne had a history of offering good CD deals, but since its conversion three years ago, that hasn’t been the case. That changed last week when HarborOne began promoting two Special CDs: 7-month (1.00% APY) and 13-month (1.30% APY).
|1.35%||-||-||HarborOne Bank||13 Month CD Special - New Money Only|
|1.35%||-||-||HarborOne Bank||13 Month IRA Special - New Money Only (Traditional, Roth, CESA)|
The minimum opening deposit is for either Special CD is $1k of new money, and there is no stated balance cap. They are also available as IRAs (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.
As stated on the Important Account Information page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of less than one year: The penalty we may impose will equal three months interest on the amount withdrawn subject to penalty. 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of one year but less than twenty four months: The penalty we may impose will equal nine months interest on the amount withdrawn subject to penalty.
Headquartered in Brockton, Massachusetts, HarborOne Bank offers its product line to individuals who have a “valid mailing address in New England (including Massachusetts, New Hampshire, Maine, Rhode Island, Connecticut, and Vermont).”
Opening a Special CD can be done online, or with an in-person visit to any of 14 Massachusetts branches located in Abington, Attleboro, Bridgewater, Brockton (4), Canton, Mansfield, Middleboro, North Easton, Plymouth, Randolph, and Raynham.
HarborOne Bank (FDIC Certificate #59070) has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas ratio of 10.31%, based on June 30, 2016 data. In the past year, HarborOne has increased its total deposits by $117.63 million, an excellent annual growth rate of 7.06%. Please refer to our financial overview of HarborOne Bank for more details.
HarborOne Bank is currently the 15th largest bank in Massachusetts, with assets in excess of $2.2 billion. Established in 1918 as Brockton Credit Union, the name was changed to HarborOne Credit Union in 2004 to reflect an expanded field of membership that 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 Special CDs Compare
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 7-month Special CD currently ranks first.
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 13-month Special CD currently ranks second.
The above rates are accurate as of 9/14/2016.