For a limited time, Wakefield Co-operative Bank is offering a 20-month CD Special, which earns 2.20% APY. Minimum deposit is $500 of new money, which is defined as “funds not currently on deposit with Wakefield Co-operative Bank.”
When I asked if there was a stated end-date for this limited-time promotion, CSR said there is none specifically stated, “but if you’re interested in opening a CD Special, I think opening it by Tuesday would be a good idea.” FYI – both branches of Wakefield Co-operative Bank have Saturday hours.
According to CSR, the Early Withdrawal Penalty is six months interest on the amount withdrawn, with partial withdrawals allowed.
SIF Deposit Insurance
Large deposits at Wakefield Co-operative Bank are protected through the Bank’s Share Insurance Fund (SIF) membership. The SIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered co-operative banks.
Since its inception, the Share Insurance Fund has preserved the enviable claim of member co-operative banks that “no depositor has ever lost a dollar in any Massachusetts co-operative bank.”
Headquartered in Wakefield, Massachusetts (12 miles outside of Boston), Wakefield Co-operative Bank has a brick-and-mortar presence in Essex and Middlesex Counties.
Opening any type of account with Wakefield Co-operative Bank (including the limited-time 20-month CD Special) must be done in-branch at either of two Massachusetts branches, which are located in Lynnfield and Wakefield.
Wakefield Co-operative Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.16% (excellent), based on September 30, 2019 data. In the past year the Bank has increased its total non-brokered deposits by $17.15 million, an excellent annual growth rate of 9.6%. Please refer to our financial overview of Wakefield Co-operative Bank (FDIC Certificate # 26516) for more details.
Wakefield Co-operative Bank was founded in 1887, but did not become FDIC insured until 1986. The Bank has a history of supporting the local community through donations, sponsorships, and volunteering time and participating in local events. Every month, bank employees are encouraged to wear denim to work on designated Jeans Days in exchange for a donation to a community organization. According to an in-house press release,
In 2019, Wakefield Co-operative Bank’s Jeans Day program resulted in more than $6,500 in donations to local organizations such as Communitas, A Healthy Lynnfield, Lynnfield for Love, The Mighty Meredith Project, Mission of Deeds, Samaritans Hope and more. Since its inception in 2018, the program has contributed over $12,000 to the community.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and require a similar minimum deposit, Wakefield Co-operative Bank’s 20-month CD Special APY currently ranks second.
The above rates are accurate as of 3/7/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.