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six month interest, which would have been earned on the amount of principal withdrawn.
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.