Needham Bank (MA) Introduces 15-Month CD Special

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Availability: Market area is Massachusetts

Massachusetts-based Needham Bank has recently added a 15-month CD Special (1.50% APY) to its product line. The minimum opening deposit is $1k and there is no balance cap.

The 15-month CD Special is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, but the minimum deposit is only $250.

As stated in the Truth In Savings page (attached to the online application), the Early Withdrawal Penalty reads as follows:

If your account had an initial maturity of more than one year, the penalty will be equal to
six month interest, which would have been earned on the amount of principal withdrawn.

Availability

Headquartered in the town of Needham (18 miles southwest of Boston), Needham Bank is the 19th largest bank in Massachusetts. The Bank's market area includes all residents of Massachusetts who are U.S. Citizens or Resident Aliens.

Opening the 15-month CD Special (or any other Needham Bank account or product) can be done online, or at any of ten Massachusetts branches located in Ashland, Dedham, Dover, Medfield, Millis, Natick, Needham (2), Wellesley, and Westwood.

Credit Union Overview

Needham Bank (FDIC Certificate # 26483) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.36% (excellent), based on December 31, 2015 data. In the past year, Needham Bank increased its total deposits by $215.88 Million, an excellent annual growth rate of 18.29%. Please refer to our financial overview of Needham Bank for more details.

Founded in 1892 in a small town of approximately 2,000 residents, Needham Bank markets its success as "the evolution of community banking." Through mergers with The Medfield Cooperative Bank (1965) and Dedham Cooperative Bank (2007), Needham Bank has grown to become a statewide financial institution with assets in excess of $1.9 Billion.

How the CD Compares

When compared to the 216 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Massachusetts residents, Needham Bank's 15-month CD Special is currently ranked in the top three.

The above rates are accurate as of 3/15/2016.

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 new Rates Map page.

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Needham Bank (MA) Raises Rate On 13-Month CD To Competitive Level
Availability: Market area is Massachusetts

Needham Bank (Massachusetts) recently raised the rate on its 13-month CD Special (1.30% APY). The minimum opening deposit is $1K and there is no balance cap. The 13-month CD Special is also available as an IRA (Traditional, Roth, and SEP) at the same APY, but the minimum deposit is a low $250.

As stated in the Truth In Savings page, the Early Withdrawal Penalty on the 13-month CD Special reads as follows:

Availability

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4.05% 9-Month CD at Needham Bank in Massachusetts
Needham Bank is offering a special 4.05% APY 9-month CD. The minimum deposit is $2,500.

A branch visit appears to be required to open accounts. Branches are located in the Massachusetts cities of Needham, Dedham, Westwood, Medfield and Wellesley.

Needham Bank has some solid financial ratings for soundness: 3.5 stars (good) at BauerFinancial and 4 stars (sound) at Bankrate. Both ratings are based on 6/30/08 data. The bank has been FDIC insured since 1986 (FDIC Certificate # 26483). It's also a member of the private Share Insurance Fund (SIF).

Other Certificate of Deposit...





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5.50% 12-Month CD at a Massachusetts Bank (Needham Cooperative) - EXPIRED
Update 12/31/07: This CD special has ended. Please check the bank's website for the latest rates and specials.

Needham Cooperative Bank is offering a special 5.50% APY 12-month certificate of deposit. The minimum is $2,500.

Branches are located in the Massachusetts cities of Needham, Medfield, Westwood and Wellesley. The bank has been FDIC insured since 1986.



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5.50% 12-Month CD at a Massachusetts Bank
The Needham Cooperative Bank has a special certificate of deposit with an APY of 5.50% (5.35% interest rate) and a term of one year. The minimum deposit is $2.5K. You must visit the branch to open the CD.

The bank has 4 branches in the Massachusetts cities of Needham, Medfield, Westwood and Wellesley.

Credit for this find goes to scott61 who mentioned it in the finding deals post.



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