Blue Hills Bank continues to offer a very competitive rate on its Triangle Statement Savings Account. This rate is 1.10% APY, and it has been at this level for the last year. A balance of at least $10,000 is required to qualify for this rate. Also, a Triangle Checking Account is required to open this savings account. A monthly service charge of $5 will be waived if you maintain an average daily balance of $2,500 in the savings account or a $5,000 minimum combined average daily balance in the savings and checking account. This rate is listed in the bank’s Triangle Statement Savings page as of 3/26/2013. The rate is subject to change at anytime.
Blue Hills Bank also has a good deal on its Triangle 18-month Bump Rate CD. It has a 1.10% APY. Minimum deposit is $500. This also requires a Triangle Checking Account, but with an extra requirement. At least 3 withdrawals per statement cycle must be made or the CD rate will be lowered. This rate and the features are listed in the bank’s deposit rates page as of 3/26/2013.
Accounts can be opened using the bank’s online application. However, according to the small print on the first page of the application, new accounts can be opened by customers who work or live in MA. The application is provided by Andera, and it allows account funding via an ACH transfer. According to the small print, the maximum initial funding for the checking account is $10,000, and the maximum initial funding for the savings account is $100,000. You can always make additional deposits after the account is opened.
Blue Hills Bank branches are located in Boston, Norwood, Brookline, Dedham and West Roxbury.
Blue Hills Bank used to have the name Hyde Park Savings Bank. The name was changed in November 2011.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 1.32% (excellent) based on December 2012 data. Please refer to our financial overview of Blue Hills Bank for more details. The bank has been a FDIC member since 1985 (FDIC Certificate # 90160). The bank also has private DIF insurance that provides protection on deposits that are over the FDIC limits.