Blue Hills Bank (MA) Adds 22-Month Flexible CD, 2.25% APY

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Deal Summary: 22-month Flexible CD (2.25% APY), $500 min/$3 million max deposit, new money, add-on deposits in $5k increments allowed in the first twelve months.

Availability: Eastern Massachusetts

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.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%-$3mBlue Hills Bank22 Month Flexible CD Promo - New Money
2.25%-$3mBlue Hills Bank22 Month Flexible IRA Promo - New Money (Traditional, Roth)
Accounts mentioned in this post. Rates as of January 15, 2018.

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.

Availability

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.

Bank Overview

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.

Interest RateLength of TermCredit Union/Bank
2.26% APY24-month CDNorthern Bank Direct
2.25% APY22-month Flexible CDBlue Hills Bank
2.15% APY24-month CDUSALLIANCE Financial

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.

Related Pages: Boston CD rates, 5-year CD rates

Comments
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