Massachusetts-based Winter Hill Bank (Winter Hill) is putting some “sizzle in your summer” with a 20-month CD Special (1.70% APY). This limited-time offer requires a minimum $500 opening deposit, with no stated balance cap.
As stated in the Truth-In-Savings document, the Early Withdrawal Penalty reads as follows:
If your Certificate of Deposit has a maturity of more than 12 months, the penalty will be equal
to 6 months interest, which would have been earned on the amount of principal withdrawn.
Headquartered in Somerville, Massachusetts (five miles north of Boston), Winter Hill Bank’s market area includes all of Massachusetts and New Hampshire.
If you are naming a beneficiary, a Social Security Number is required in addition to the usual name, address, and date of birth.
If you use the online application to open a CD Special, you can fund it by transferring funds from another financial institution, by mailing a check, or by making an in-branch deposit.
Winter Hill Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on March 31, 2017 data. In the past year, Winter Hill has increased its total non-brokered deposits by $368k, an above average annual growth rate of 0.15%. Please refer to our financial overview of Winter Hill Bank (FDIC Certificate # 28213) for more details.
Founded in 1906 by a group of local businessmen, Winter Hill Bank was originally known as Winter Hill Federal Savings and Loan Association. (The Winter Hill neighborhood in Somerville takes its name from the 120-foot hill upon which it sits.) The Bank changed its name in 1987, following its conversion to a mutual savings bank. Winter Hill Bank is one of the few independent, mutual, and community banks still in operation in Massachusetts. To quote Sandra McGoldrick, President/CEO of Winter Hill Bank,
Some banks that prospered in our area no longer exist as the contraction of the banking industry continues. There simply are not many of us left but I am proud to say that Winter Hill Bank has not only survived, but is thriving. Simply put: To remain competitive in this evolution of the banking industry, we must be doing something right.
How the CD Special Compares
When compared to the 301 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to within the Bank’s market area, Winter Hill Bank’s 20-month CD Special APY currently ranks first.
The above rates are accurate as of 6/29/2017.