Last June, I wrote about Norwood Bank’s new 16-month Regular CD Special. Its initial rate (1.50% APY) only lasted about two months, but this week, the rate was increased to 1.66% APY.
The minimum opening deposit is $1K, with no maximum balance cap. The 16-month Regular CD Special is also being offered as an IRA (Traditional and Roth) at the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) for the 16-month Regular CD Special is three months interest.
60-72 Month CD
Norwood Bank also raised the rate on its 60-72 Month CD this week to 2.33% APY. This is the 16th rate change and the highest APY in nearly five years for this CD. Like the 16-month CD Special, the minimum opening deposit is $1K, with no balance cap. It is also offered as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements. CSR stated that the EWP for the 60-72 Month CD is six months interest.
|1.77%||$1k||-||Norwood Bank||60-72 Month Regular CD|
|1.77%||$1k||-||Norwood Bank||60-72 Month Regular IRA (Traditional, Roth)|
Norwood Bank offers its services and product line to Massachusetts residents, although, according to CSR, the Bank prefers to have a customer base that is community-based.
Opening a CD (or any other new account) requires an in-person visit to the sole branch located on Central Street in Norwood. Currently, Norwood Bank’s online banking platform is limited to account management and bill payment services, including Popmoney person-to-person payments.
Norwood Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.26% (excellent) as of December 31, 2016 data. In the past year, Norwood Bank increased its total deposits by $24.77 Million, an excellent annual growth rate of 7.63%. Please refer to our financial overview of Norwood Bank for more details.
Norwood Bank (FDIC Certificate # 26555) was founded in 1889 as the Norwood Cooperative Bank, at a time when the concept of cooperative banking was in its infancy. This unique approach to banking was central in meeting the housing demands and mortgage needs of growing populations in manufacturing centers. Just having celebrated its 125th anniversary, Norwood Bank is still a major player in the local financial market, holding assets in excess of $421 Million.
How the CDs Compare
When compared to the 217 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, Norwood Bank’s 16-Month Regular CD Special currently ranks first.
When compared to the 222 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, Norwood Bank’s 60-72 Month Regular CD currently ranks second.
The above rates are accurate as of 3/3/2016.