Massena Savings & Loan has some very competitive CD and IRA CD rates. In fact, the short-term IRA CD rates may be the best in the nation. The most competitive yields listed at the bank's rate table as of 8/24/2010 include:
- 1.22% APY 6-month (2.56% IRA)
- 1.48% APY 18-month (2.82% IRA)
- 2.04% APY 24-month
- 2.82% APY 30-month (3.08% IRA)
- 3.18% APY 36-month
The bank also has competitive rates for its money market account and NOW checking account. They're tiered rate accounts with a top yield of 1.27% APY (as of 8/24/10). When I reported on this bank last year, the top yields were 2.30% APY for the MMA and 1.79% APY for the checking.
It appears a branch visit is required to open an account. Branches are located in the northern part of New York state in the towns of Massena and Waddington.
The bank's ratings for safety and soundness are a little mixed: 5 stars (superior) at BauerFinancial, 3 stars (performing) at Bankrate.com and an overall health score of 3 out of 5 at DepositAccounts.com (see our financial overview of Massena Savings and Loan). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1949 (FDIC Certificate # 30429).
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