Walpole Co-operative Bank (Walpole Co-op Bank) began the Memorial Day Holiday weekend by adding three CD Specials to its product line: 15-month CD (1.50% APY), 18-month CD (2.00% APY), and 20-month CD (1.60% APY). The minimum opening deposit for any of the CD Specials is $1k, with no maximum balance cap.
According to CSR, the Early Withdrawal Penalty is six months interest on the amount being withdrawn. CSR also noted the Bank’s policy concerning withdrawals:
Withdrawals on certificates prior to maturity are not usually
permitted by Walpole Co-operative Bank. If a withdrawal should be allowed,
a substantial penalty may be imposed for early withdrawals before maturity.
Walpole Co-operative Bank is located only 15 miles from downtown Boston, but considers itself to be a community bank, concentrating its market area in Walpole and the surrounding communities (within an approximate 20-mile radius).
When I asked CSR to be a bit more specific in defining "the surrounding communities," she was unable to do so, but suggested the Branch Manager could make that determination. This may be an important distinction, since the fine print for the CD Specials on the Deposit Rates page reads, "No brokered CDs, institutional, or out-of-market deposits."
Opening an account requires an in-person visit to the sole branch located on Main Street in Walpole. At this time, Walpole Co-op Bank’s online platform is limited to account management and bill payment services, including Popmoney.
Walpole Co-op Bank’s deposits are insured not only by the FDIC, but also by the Share Insurance Fund.
The Share Insurance Fund (SIF) is a private fund owned by the member
co-operative banks, which insures all deposits at co-operative banks in
Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.
Walpole Co-operative Bank (FDIC Certificate # 26487) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.36% (excellent), as of December 31, 2015 data. In the past year, Walpole Co-op Bank has increased its total deposits by $42.97 million, an excellent annual growth rate of 15.3%. Please refer to our financial overview of Walpole Co-operative Bank for more details.
Walpole Co-operative Bank is a product of Yankee ingenuity: it was incorporated on June 11, 1912 and ready for business the following day. A "co-operative" institution in every sense of the word, Walpole Co-op Bank celebrated its 100th anniversary by encouraging local residents to "pick up a free reusable grocery bag at the Bank, then return it filled with non-perishable food items for the Walpole Community Food Pantry." The community responding by making the largest single donation (nearly 150 bags of food) ever received by the Food Pantry. Joseph Scholl, President and CEO, stated,
Our customers and neighbors showed true ‘community spirit’ with their response, making
it a truly meaningful way for the Bank to celebrate not only its milestone anniversary, but
also its long history of giving back to the community — a practice that continues to this day.
How the CDs Compare
When compared to the 259 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to residents of the Boston metropolitan area, Walpole Co-operative Bank’s 15-, 18-, and 20-month CD Specials rank in the top six. (Andrews Federal Credit Union’s 18-month Military and Civilian Certificate Specials top the list, but are scheduled to expire on May 31, 2016.)
The above rates are accurate as of 5/28/2016.