Blue Hills Bank (Blue Hills) has added a 22-month Flexible CD (2.25% APY). The minimum deposit is $500 and “Total deposits, including the account opening deposit, may not exceed $3 million.”
|2.25%||-||$3m||Blue Hills Bank||22 Month Flexible CD Promo - New Money|
|2.25%||-||$3m||Blue Hills Bank||22 Month Flexible IRA Promo - New Money (Traditional, Roth)|
The Flexible CD is also offered as an IRA (Traditional and Roth), earning the same APY and with the same funding requirements.
As stated in the fine print on the promotion page,
Deposits may be added to the 22 Month Flexible CD in
$5,000 increments for the first 12 months of the initial term.
According to CSR, the Early Withdrawal Penalty for the 22-month Flexible CD is six months interest.
Deposits at Blue Hills are not only insured by the FDIC, but are also covered by the Depositors Insurance Fund (DIF).
All DIF member banks are also members of the FDIC. Each depositor is
insured by the FDIC to at least $250,000. All deposits above the FDIC
insurance amount are insured by the Depositors Insurance Fund (DIF).
Thanks to DA reader, scottj, for his Forum post about Blue Hills’ Flexible CD.
Headquartered in Boston, Blue Hills Bank’s market area is described as “Eastern Massachusetts through branch network and eCommerce channels.”
Opening the 22-month Flexible CD can be done online,* or at any of the eight full-service Massachusetts branches, located in Boston (3), Dedham, Milton, Norwood, Westwood, and West Roxbury. The IRA and Business versions of the 22-month Flexible CD cannot be opened online.
Blue Hills Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.34% (excellent) based on September 30, 2017 data. In the past year, Blue Hills has increased its total non-brokered deposits by $225.73 million, an excellent annual growth rate of 14.64%. Please refer to our financial overview of Blue Hills Bank (FDIC Certificate # 90160) for more details.
Established in 1871 as the Hyde Park Savings Bank, the Bank rebranded in 2011 as it sought “to transform itself from a sleepy 140-year-old institution with six branches to a growing bank with a broader line of offerings.” (Collateral trivia – seen from the coastline, the mountains in Norfolk County have a bluish hue. This distinctive coloring is caused by the presence of riebeckite, a type of silicate mineral.) Blue Hills Bank is currently Massachusetts’ 16th largest bank with assets in excess of $2.5 billion and with nearly 59,000 customer accounts.
How the Flexible CD Compares
When compared to the 378 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, Blue Hills Bank's 22-month Flexible CD APY currently ranks second. The ability to add funds during the first twelve months only increases the 22-month Flexible CD’s competitiveness.
The above rates are accurate as of 1/11/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.