Earlier this week, Severn Savings Bank, FSB (Severn Savings Bank) began offering a 14-month CD Special (1.25% APY) and a 30-month CD Special (1.76% APY). The minimum deposit for both CDs is $1K new money, with no maximum balance cap.
At maturity, the 14-month CD will convert to a 12-month CD, and the 30-month CD will convert to a 24-month CD. As stated on Severn Savings Bank’s Deposit Rates page, the Early Withdrawal Penalty reads as follows:
Six months loss of interest on amounts withdrawn for CDs over 12 months.
Severn Savings Bank’s market area is primarily Anne Arundel County, Maryland, which borders on the Chesapeake Bay. Annapolis is the county seat, as well as the capital of Maryland.
Severn Savings Bank’s online banking platform is limited to account management and bill payment transactions. The 14-month and 30-month CD Specials can be opened at any of four Maryland branches in Annapolis (2), Edgewater, and Glen Burnie.
Severn Savings Bank, FSB has a "B+" rating at DepositAccounts.com, with a Texas Ratio of 12.76% (above average) as of September 30, 2014. Severn Savings Bank has an excellent capitalization level of 15.09%, holding $773.05 Million in assets, with $116.66 Million in equity. Please refer to our financial overview of Severn Savings Bank, FSB for more details.
Severn Savings Bank’s (FDIC Certificate # 32367) history began in 1946 with the Pompeii Permanent Building Association. Located in Baltimore, Pompeii was located in a row house with very limited business hours – only 2 hours a week! In 1949, an FDIC Certificate was issued to the Severn Savings Association, and the journey toward a full service, full time financial institution began.With its headquarters located in Annapolis, Severn Savings Bank is committed to helping preserving the Chesapeake Bay. In the past five year, Severn Savings Bank has donated $5 for each new checking account opened, for a total of more than $25,000. That donation level has recently been doubled to $10 for the next five years.
How the CDs Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to Maryland residents, both the 14-month and 30-month CDs are quite competitive.
The above rates are accurate as of 2/26/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.