Now through August 18, 2017, Blue Hills Bank (Blue Hills) is offering a 23-month Bump Up CD (2.00% APY) and a 59-month Bump Up CD (2.47% APY). The minimum deposit is $500, with no stated balance cap.
The Bump Up feature allows for a one-time rate increase that must be initiated by the CD's owner.
According to CSR, the Early Withdrawal Penalty for the 23-month Bump Up CD Special is six months interest and 18 months interest for the 59-month Bump Up CD Special.
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).
Headquartered in Boston, Blue Hills Bank’s market area is described as “Eastern Massachusetts through branch network and eCommerce channels.”
Opening either the 23- or 59-month Bump Up 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 fine print on the Deposit Rates page reads,
59 and 23 Month Bump-up CDs are not available for online opening at this time.
I think the “at this time” is the operative phrase in this quote, as CSR confirmed in a lengthy conversation that both Bump Up CDs now are available for online opening. CSR suggested that the Bump Up CDs were made available before the online application had been updated. When in doubt, blame it on IT.
Blue Hills Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.94% (excellent) based on March 31, 2017 data. In the past year, Blue Hills has increased its total non-brokered deposits by $249.25 million, an excellent annual growth rate of 17.79%. 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 $2.4 billion and more than 58,000 customer accounts.
How the Bump Up CDs Compare
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 23-month Bump Up CD APY currently ranks second.
When compared to the 330 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 59-month Bump Up CD APY currently shares the top spot with Mountain America Credit Union’s 5-year Term Deposit.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 7/19/2017.