Institution For Savings (MA) Ups 40-Month CD

POSTED ON BY

Deal Summary: 40-month CD (3.00% APY), $500 minimum deposit

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

Institution for Savings has just raised the rate on its 40-month CD to 3.00% APY. The 125 bps increase has resulted in the 40-month CD’s highest APY since 2012. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.75%$500-Institution for Savings40 Month CD
0.75%$500-Institution for Savings40 Month IRA (Traditional, Roth, SEP)
Rates as of September 30, 2023.

The CD is also available as an IRA (Traditional, Roth, CESA, and SEP) earning the same APYs, with the same funding requirements.

In the past, Institution for Savings' competitive CD rates have been somewhat short-lived, lasting for about a month, more or less. 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.

Availability

Headquartered in Newburyport, 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, with Zip Codes used to determine eligibility.

While a limited number of the Bank’s products can be opened online, the 40-month CD can only be opened in person at any of 13 Massachusetts branches located in Beverly, Boxford, Gloucester, Hamilton, Ipswich (2), Middleton, Newburyport (2), Rockport, 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 grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.62% (excellent) based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $435.76 million, an excellent annual growth rate of 19.93%. Please refer to our financial overview of Institution for Savings (FDIC Certificate # 90250) for more details.

Following the 2014 merger with Rockport National Bank, Institution for Savings has become “one of the region’s strongest and largest community banks.” With assets in excess of $3.3 billion, Institution for Savings is Massachusetts’ twelfth largest bank and one of the oldest mutual banks in the country.

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 CD Compares

When compared to the 380 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Institution for Savings’ 40-month CD APY currently ranks first.

The above rates are accurate as of 5/16/2018.

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

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

Comments
Institution for Savings (MA) Offers 30-Month CD
Deal Summary: 30-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 ended last week by raising the rate on its 30-month CD to 2.50% APY. The 100 bps increase has produced the 30-month CD’s highest APY since 2011. The minimum opening deposit is $500, with no stated balance cap.

The CD is also available as an IRA (Traditional, Roth, CESA, and SEP) earning the same APYs, with the same funding requirements.

...
Continue Reading
Institution for Savings (MA) Adds 18-Month CD
Deal Summary: 18-month CD (2.00% APY), $500 minimum deposit

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

Winter is coming. According to Institution for Savings, its 18-month CD (2.00% APY) will help you “Warm Up with this HOT CD rate!” The minimum opening deposit is $500, with no stated balance cap.

The CD is also available as an IRA (Traditional, Roth, CESA, and SEP) earning the same APYs, with the same funding requirements.

Competitive CD rates at Institution...

Continue Reading
Institution for Savings (MA) Adds Super Money Market
Deal Summary: Super Money Market, 2.00% APY ($250k+),1.55% APY ($150k+), minimum $150k opening deposit.

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

For several years, Institution for Savings’ Platinum MMDA (1.00% APY, $250k min) and Platinum 36-month CD (2.50% APY, $250k min) combo has been a good option for large balances. Institution for Savings recently added another alternative for large balances: the Super Money Market, which currently earns 2.00% APY ($250k+) and 1.55% APY ($150k+). Balances below $150k earn...

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

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

Continue Reading
Institution for Savings (MA) Hikes Rates On Mid-Term CDs
Availability: Market area is Massachusetts’ North Shore region, with Zip Code as the determinant.

For about a year and a half starting in 2014, Institution for Savings seemed to produce one good CD rate after another. Since my last blog post in October 2015, Institution for Savings hasn’t had much in their product line to get excited over. That changed on Friday when the Bank raised the rates on its 24-month CD (2.00% APY), 36-month CD (2.25% APY), and 48-month CD (2.50% APY) - a mere two...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.