Wellesley Bank recently raised the rate on its 15-month CD (1.50% APY). This is the highest APY allocated to the 15-month CD in more than a year.
The minimum opening deposit is a low $250 and there is no maximum balance cap. The 15-month CD is also available as an IRA (Traditional) earning the same APY, with the same funding requirements.
According to a very helpful CSR, the Early Withdrawal Penalty is six months interest.
Wellesley Bank has been offering its services and product line to the town of Wellesley and the greater Boston area for more than 100 years.
Opening an account of any type with Wellesley Bank requires an in-person visit to any of four Massachusetts branches located in Wellesley (2), Wellesley Hills, and Boston. At this time, Wellesley Bank’s online banking capabilities only include account management and bill payment services.
Wellesley Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 9.39% (excellent), based on March 31, 2015 data. In the past year, Wellesley Bank has increased its total deposits by $47.85 Million, an excellent annual growth rate of 12.46%. Please refer to our financial overview of Wellesley Bank for more details.
The Wellesley Co-operative Bank (FDIC Certificate # 26605) opened its doors for business in January 1911 with four employees. The only services offered in 1911 were three types of savings accounts, home mortgages, and car loans. (With approximately 450,000 registered automobiles in the entire United States in 1911, one wonders how many car loans were actually made in those early years.) In 104 years of continuous operation, Wellesley Bank, whose name was changed in 2005, has grown to be the 58th largest bank in Massachusetts, with assets in excess of $542 Million.
How the CD Compares
When compared to the 267 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, Wellesley Bank’s 15-Month CD currently ranks in third.
The above rates are accurate as of 8/8/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.