According to a recent Primerates.com survey conducted on February 6, 2012 of Boston CD rates offered by the area banks & credit unions, Boston’s largest financial institutions offered short-term savers 6 month CD’s with rates between 0.05% at RBS Citizens (www.citizensbank.com) and Eastern Bank (www.Easternbank.com) and 0.45% at Middlesex Savings Bank (www.Middlesexbank.com). Middlesex Savings Bank also offers higher rates for all longer-term CD maturities, ranging from 0.75% 1-year CD’s to 1.79% for a 5-year CD. Several other banks also offer competitive rates for longer maturities as well, with TD Bank (www.TDBankNorth.com), Danvers Bank (www.DanversBank.com), and Rockland Trust (www.RocklandTrust.com) offering 5-year CD’s 1.49% or higher.
RBS Citizens (www.citizens.com) has the only significant change on the board, decreasing their 5-year CD from 1.00% to 0.50%.
CD’s are typically insured up to $250,000 by the FDIC. As CD’s mature, banks typically re-price the rates on deposits. Make sure that you track when your CD’s mature so that you can roll them over into new CD’s and keep your money working as hard as possible.
|Banks||6 months||1 year||2 year||3 year||4 year||5 year|
|Bank of America||0.20%||0.35%||0.40%||0.60%||0.85%||1.19%|
|Middlesex Savings Bank||0.45%||0.75%||1.05%||1.44%||1.64%||1.79%|
|Century Bank and Trust||0.25%||0.35%||0.50%||0.80%||0.90%||1.00%|
Rates from banks, thrifts and credit union were posted on their websites on the date indicated for a $10,000 certificates of deposit meeting the specific holding requirement. Data is believed accurate at time of collection, can change without notice, and will vary. Contact a specific institution for current rates.