Winchester Savings Bank (MA) Adds 10-Month CD, 3.00% APY


Deal Summary: 10-month CD, 3.00% APY, $500 minimum deposit, higher APYs with checking relationship.

Availability: Market area includes Middlesex County, Massachusetts.

Winchester Savings Bank (WSB) began the week by introducing a 10-month CD earning 3.00% APY. A direct deposit in either a Nexus or Nexus Plus Checking account throughout the term of the CD will earn an additional 5 or 10 bps, respectively. Like all WSB CDs, the 10-month can be opened with a $500 minimum deposit.

The 10-month CD is also available as an IRA (Traditional and Roth), offering the same APYs and with the same funding and relationship requirements.

As stated in the Truth-in-Savings disclosure (page 14), the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of less than one year: The fee we may
impose will equal 91 days simple interest on the amount withdrawn subject to penalty.

DIF Deposit Insurance

WSB offers protection for large deposits through its Depositors Insurance Fund (DIF) membership. The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits at Massachusetts-chartered savings banks. The DIF has been insuring deposits since 1934.


Headquartered in Winchester, Massachusetts, Winchester Savings Bank’s market area is Middlesex County, the most populous county in both Massachusetts and New England.

Opening a 10-month CD can be done at any of four full-service Massachusetts branches located in Arlington, Winchester (2), and Woburn.

WBS’s online banking platform is currently limited to account management and bill pay services.

Bank Overview

Winchester Savings Bank has an overall health grade of "A" at, with a Texas Ratio of 2.53% (excellent), based on December 31, 2018 data. In the past year, WSB has increased its total non-brokered deposits by $7.27 million, an above average annual growth rate of 1.6%. Please refer to our financial overview of Winchester Savings Bank(FDIC Certificate # 90308) for more details.

Winchester Savings Bank is currently Massachusetts’ 71st largest bank, with assets in excess of $542 million. Established by the Massachusetts Legislature in 1871, WSB is an independent mutual bank. For those not familiar with the concept, a mutual bank is chartered by a regional or central government and does not have shareholders (no capital stock). By depositing funds into a mutual bank, individuals become owners and all profits from the bank’s operations are reinvested in the bank.

How the CD Compares

When compared to 373 similar length-of-term CDs tracked by, which require a similar minimum deposit and available within the market area, Winchester Savings Bank’s 10-month CD base APY currently ranks second.

The above rates are accurate as of 3/6/2019.

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

$100 Checking Account Bonus at a Massachusetts Bank (no DD)
Winchester Savings Bank is offering a $100 bonus for opening a new NOW or SuperNow checking account. There are no direct deposit requirements. Offer expires 7/8/06 and is only available to residents of Massachusetts who don't already have a checking account at the bank. It requires a minimum of 10 checks cleared and/or online bill payments during the first 3 months. The $100 will be deposited after the account has been opened for 3 months.

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