Blue Hills Bank (MA) Offers Very Competitive Premier MMA Promotion

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In late August, I wrote about Blue Hills Bank’s two new Bump Rate CD promotions:

5-Year Bump Rate CD (2.10% APY)

3-Year Bump Rate CD (1.35% APY)

Both Bump Rate CDs are still available at the above rates.

Last week, the Massachusetts based Blue Hills Bank added a new Premier Money Market Account promotion, which earns 1.10% APY on balances of $10K+, with no maximum balance cap; balances under $10K earn 0.10% APY.

Account Requirements

According to Blue Hills Bank’s Special Offers Disclosure Page,

Eligibility – the advertised 1.10% Annual Percentage Yield (APY) on the Premier Money Market account is available to new customers only or to existing customers who add $10,000 or more in new-to-bank deposits into the Premier Money Market account. Existing customers must notify a Bank representative when this deposit is made to obtain stated APY.

Rate Qualification – The 1.10% APY is available when you have any Blue Hills Bank/Nantucket Bank checking account and the balance in your Premier Money Market account is $10,000 or more. Standard Premier Money Market rates will apply if offer qualifications aren’t met. See current rate sheet. Fees may reduce earnings.

Availability

Blue Hills Bank is headquartered in Hyde Park, MA (suburban Boston) and offers its services to all residents of Massachusetts.

The Premier Money Market Account Promotion can be opened online, or with an in-person visit to any of Blue Hills Bank's 6 branches located in Brookline, Dedham, Hyde Park (2), Norwood, and West Roxbury.

A convenient feature of Blue Hills Bank's online banking is the ability to open and fund the account at the same time. Initial checking account deposits can be funded up to $10K and initial Money Market Accounts can be funded up to $100K.

Bank Overview

Blue Hills Bank (FDIC Certificate # 90160) has an overall health rating of A at DepositAccounts.com, with a Texas Ratio of 2.83% (excellent) as of June 30, 2014. In the past year, Blue Hills Bank has increased its total deposits by $577.16 Million, an excellent growth rate of 64.86%. Please refer to our financial overview of Blue Hills Bank for more details.

Founded in 1871 as the Hyde Park Savings Bank, the name was changed to Blue Hills Bank in 2011 as the bank revamped its management team, retooled its residential mortgage lending program, and expanded into commercial banking. Today, Blue Hills Bank has assets of over $150 Billion and has transformed into a diversified community bank.

How the Rate Compares

When compared to other Money Market Accounts tracked by DepositAccounts.com, and available to residents of Massachusetts, Blue Hills Bank's Premier MMA Promotion is highly competitive:

Interest Rate CD Length Institution
1.10% APY Premier MMA Promotion ($10K min) Blue Hills Bank
0.90% APY Premier Money Market Savings ($10K min) Santander Bank, N.A.
0.75% APY Premier Money Market ($10K min) Northern Bank & Trust

The above rates are accurate as of 9/19/2014.

To find the best rates on liquid accounts in your state or that are nationally available, please refer to our savings account rate table and money market rate table.

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Last week, Blue Hills Bank (Massachusetts) introduced a 5-Year Bump Rate CD (2.10% APY) and a 3-Year Bump Rate CD (1.35% APY). While the 3-Year Bump Rate CD is not that competitive, the 5-Year Bump Rate CD is definitely worth consideration. A $500 minimum deposit opens this 5-Year Bump Rate CD, with interest compounded monthly.

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According to Blue Hills Bank's Disclosure Page, the Bump Rate feature is as follows:

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