Walpole Co-operative Bank (MA) Offers New, Competitive 15-Month CD
Last week, Walpole Co-operative Bank (Walpole Co-op Bank) introduced a new 15-month CD Special (1.40% APY). The minimum opening deposit is $1K and there is no maximum balance cap.
This is a limited time offer, but no end date is specified on the Walpole Co-op Bank's website.
According to CSR, the Early Withdrawal Penalty is a substantial six months interest on the amount being withdrawn. CSR also noted the Bank’s policy concerning withdrawals:
Withdrawals on certificates prior to maturity are not usually permitted by Walpole Co-operative Bank. If a withdrawal should be allowed, a substantial penalty may be imposed for early withdrawals before maturity.
Availability
Walpole Co-operative Bank is located only 15 miles from downtown Boston, but considers itself to be a community bank, concentrating its market area in Walpole and the surrounding communities (within an approximate 20-mile radius). When asked to be more specific in defining "the surrounding communities," CSR was unable to do so, but suggested that the Branch Manager could make that determination.
Opening an account requires an in-person visit to the sole branch located on Main Street in Walpole. At this time, Walpole Co-op Bank’s online platform is limited to account management and bill payment services.
Walpole Co-op Bank’s deposits are insured not only by the FDIC, but also 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.
Bank Overview
Walpole Co-operative Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 2.04% (excellent), as of December 31, 2014. Walpole Co-op Bank has an excellent capitalization level of 20.77%, a result of having $408.12 Million in assets, with $84.77 Million in equity. Please refer to our financial overview of Peoples Savings Bank for more details.
Walpole Co-operative Bank (FDIC Certificate # 26487) is a product of Yankee ingenuity: it was incorporated on June 11, 1912 and ready for business the following day. A "co-operative" institution in every sense of the word, Walpole Co-op Bank celebrated its 100th anniversary by encouraging local residents to "pick up a free reusable grocery bag at the Bank, then return it filled with non-perishable food items for the Walpole Community Food Pantry." The community responding by making the largest single donation (nearly 150 bags of food) ever received by the Food Pantry. Joseph Scholl, President and CEO, stated,
Our customers and neighbors showed true ‘community spirit’ with their response, making it a truly meaningful way for the Bank to celebrate not only its milestone anniversary, but also its long history of giving back to the community — a practice that continues to this day.
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Massachusetts residents, Walpole Co-operative Bank’s 15-month CD Special currently ranks second.
The above rates are accurate as of 5/27/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.