Wellesley Bank (MA) Debuts 14-Month CD


Deal Summary: 14-month CD, 2.25% APY, $10k min/$1m max deposit

Availability: Market area includes the town of Wellesley and the greater Boston metropolitan area.

At the beginning of the month, Wellesley Bank added a 14-month CD (2.25% APY) to its product line. The minimum deposit is $10k, with a balance cap of $1m.

I last wrote about Wellesley Bank in August 2015, when their “hot” deal was a 15-month CD earning 1.50% APY. At the time, that was a competitive rate and the highest APY the 15-month CD had seen in more than a year. We all know that rates, in general, have been rising. An apples-to-apples comparison of two same length-of-term CDs, offered by the same institution 32 months apart, showing an increase of 75 bps is an excellent, tangible illustration of rising rates.

The 14-month CD is also available as an IRA (Traditional) earning the same APY, with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is six months interest.

$300 Checking Bonus

Now through May 31, 2018, Wellesley Bank is offering a $300 bonus when opening a new Premier Plus Checking account. The qualifying requirements are,

  • Maintain a combined daily balance of $25k
  • A direct deposit(s) of at least $1.5k per month
  • Complete at least two preauthorized ACH withdrawals

The $300 bonus will be credited within 30 days from the “end of the first full statement cycle in which you meet the requirements.” There is a $30 monthly fee that will be waived when the above requirements are met.

Share Insurance Fund

Wellesley Bank’s deposits are not only FDIC insured, but are also covered 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.

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.”


Wellesley Bank has been offering its services and product line to the town of Wellesley and the greater Boston area for more than 115 years.

Opening an account of any type with Wellesley Bank requires an in-person visit to any of six Massachusetts branches located in Boston, Needham, Newton Center, Wellesley (2), and Wellesley Hills. Currently, Wellesley Bank’s online banking capabilities only include account management and bill payment services.

Bank Overview

Wellesley Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.80% (excellent), based on December 31, 2017 data. In the past year, Wellesley Bank has increased its total non-brokered deposits by $57.46 million, an excellent annual growth rate of 11.61%. Please refer to our financial overview of Wellesley Bank (FDIC Certificate # 26605) for more details.

The Wellesley Co-operative Bank opened its doors for business in January 1911 with a total of 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, I wonder how many car loans were actually made in those early years.) In 107 years of continuous operation, Wellesley Bank, re-branded in 2005, has grown to be the 52nd largest bank in Massachusetts, with assets in excess of $803 million.

How the CD Compares

When compared to the 401 similar length-of-term CDs tracked by DepositAccounts.com, requiring a minimum deposit of $10k or less and are available within the Bank’s market area, Wellesley Bank’s 14-Month CD currently ranks first.

The above rates are accurate as of 3/15/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Boston CD rates, 1-year CD rates, bank bonuses

Wellesley Bank (MA) Boosts Rate On 15-month CD
Availability: Market area includes the town of Wellesley and the greater Boston area.

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...

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