Institution for Savings (MA) Promotes Two Long-Term CDs

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Deal Summary: 40-month CD (2.25% APY), 60-month CD (2.50% APY), $500 minimum deposit.

Availability: Market area is Massachusetts’ North Shore region, with Zip Code as the determinant.

Institution for Savings is promoting two CDs on its website: 40-month CD (2.25% APY) and 60-month CD (2.50% APY). The minimum opening deposit for either CDs is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%--Institution for Savings60 Month CD
2.50%--Institution for Savings60 Month IRA (Traditional, Roth, SEP, CESA)
2.25%--Institution for Savings40 Month CD
2.25%--Institution for Savings40 Month IRA (Traditional, CESA, Roth, SEP)
Accounts mentioned in this post. Rates as of May 25, 2017.

The CDs are also available as IRAs (Traditional, Roth, CESA, and SEP) earning the same APYs, with the same funding requirements.

In the past, Institution for Savings’ competitive CD rates last for a month, give or take. In other words, if you see something you like, don’t wait too long.

As stated on Institution for Savings’s Certificate of Deposits information page, the Early Withdrawal Penalty reads as follows:

Nine month's interest whether earned or not on terms 25 to 47 months.

Twelve month's interest whether earned or not on terms 48 months or higher.

Platinum Money Market/CD Combo Accounts

For those with large balances, the MMDA/CD Combo Accounts may be a viable option. More than two years ago, Institution for Savings began offering a Platinum MMDA (1.00% APY, $250K min) and a Platinum 36-month CD (2.50% APY, $250K min) combination. Complete details are available on the Deposit Rates page.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.50%$250k-Institution for Savings36 Month Platinum Money Market CD
1.00*%$250k-Institution for SavingsPlatinum MMDA
OTHER TIERS: 0.25% Up to $250k
Accounts mentioned in this post. Rates as of May 25, 2017.

Availability

Institution for Savings’ market area is Massachusetts’ North Shore region, which is loosely defined as the coastal area between Boston and New Hampshire.

Accounts are available to U.S. residents, 18 years or older, who live in the market area. The Bank’s online application uses Zip Codes to determine market area eligibility. (The bank’s online application is time sensitive, so I have not provided a direct link.)

While some of the Bank’s products can be opened online, the 30- and 60-month CDs must be opened in person at any of 13 Massachusetts branches located in Beverly, Boxford, Gloucester, Ipswich (2), Middleton, Newburyport, Rockport (2), Rowley, Salisbury, and Topsfield.

Institution for Savings also has five Educational School Banks located in Beverly, Boxford, Byfield, Ipswich, and Newburyport. These Educational School Banks are open when school is in session, with limited hours of operation.

Bank Overview

Institution for Savings has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.05% (excellent) as of December 31, 2016. In the past year, Institution for Savings has increased its total non-brokered deposits by $188.35 million, an excellent annual growth rate of 9.43%. Please refer to our financial overview of Institution for Savings (FDIC Certificate # 90250) for more details.

With assets in excess of $2.8 billion, Institution for Savings is Massachusetts’ 13th largest bank, and one of the oldest mutual banks in the country. The 2014 merger with Rockport National Bank resulted in “one of the region’s strongest and largest community banks.”

The following is one of my favorite descriptions of a financial institution’s history.

In 1820, 34 prominent citizens of the City of Newburyport sent a request to the Massachusetts General Court requesting to incorporate an institution "for the purpose of receiving money on deposit and investing the same to the best advantage of the owners thereof."

On January 31, 1820, that charter was granted, creating the third savings bank in the Commonwealth. The Institution for Savings was born. Opening deposits totaling $465.10 were collected on the first day.

How the CDs Compare

When compared to the 365 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to within the Bank’s market area, Institution for Savings’ 40-month CD APY currently shares the top place with Triangle Credit Union’s 35-month CD Special APY.

Interest RateCD Length of TermBank/Credit Union
2.25% APY40-Month CDInstitution for Savings
2.20% APY36-Month High Yield CD SpecialUSALLIANCE Financial
2.02% APY36-Month CDHaverhill Bank

When compared to the 319 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to within the Bank’s market area, Institution for Savings’ 60-month CD APY currently ranks second.

Interest RateCD Length of TermBank/Credit Union
2.53% APY61-Month CDMutualOne Bank
2.50% APY60-Month CDInstitution for Savings
2.42% APY5-Year Share CertificateMelrose Credit Union*

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

The above rates are accurate as of 5/10/2017.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.

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

Comments
pongli
pongli   |     |   Comment #1
Question, if a bank have so much local deposits already, why would they continuously offer high CD rates to attract more money?
Nothing
Nothing   |     |   Comment #2
What makes one think a bank has sufficient $s? Why is Wells reportedly offering a much higher rate on new funds...i.e. undisclosed withdrawals?
meme
meme   |     |   Comment #3
What about Beverly Savings Bank CD 60M CD 2.55% in the same neighborhood as Institution for Savings
Ken Tumin
Ken Tumin   |     |   Comment #5
Yes, Beverly Savings Bank's 60mo CD should have been in the comparison table. Their CDs were under review and were temporarily not listed on the main 5-year CD table at the time of publication. The Beverly Savings Bank special CDs that were reviewed in April are still available.
gregk
gregk   |     |   Comment #4
Frankly I think FI's are taking us for suckers now (and there may be a lot out there), - dangling medium and long term rates that over the past several years may have attractive but that in a rising rate environment should have little appeal and make poor sense to commit to. Are even the "laddering" devotees here biting on these turds?
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