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We scanned our database for the best CD Rates in Massachusetts and came up with the following best rates from FDIC insured banks located in the Commonwealth. We searched for 5 year CD terms. You can view rates for other terms on our CD rates page.
- Patriot Community Bank leads off with a 2.50% APY 60-month CD and a $1,000 minimun balance. The bank has one branch located in Woburn, MA, a few miles outside of Boston. It was founded in 2006 and has approximately $100 million in assets. Like many banks founded in the latter part of the last decade, the bank has strong financials. It has a Texas ratio of 0%, meaning that negligible number of its loans have gone bad. It also is growing rapidly, having expanded from $32.28 milion in assets in 2006 to $102 million today. Woburn, for those that don't remember is the town where the critically acclaimed novel and movie A Civil Action took place.
- Peoples United Bank is offering a 2.40% APY 60-month CD with a $500 minimum balance. People's United is a relatively large regional bank with $24.65 billion in assets and 301 branches located throughout New England. The branches in Massachusetts are clustered around Worcester with a branch in Leominster and one in Lowell and Andover. To see more branches near your location, click here. The bank is headquartered in Bridgeport, CT. Financially, the bank looks strong with a Texas Ratio of 12.37% versus the national average of 21.06% and strong asset growth. Assets have more than doubled from $10 billion in 2006 to $24.65 billion in 2011.
- Middlesex Federal Savings, F.a. is offering a 2.31% APY 5-year CD with a $500 minimum deposit. The bank has three branches located in Medford and Somerville. Middlesex Federal was founded in 1890 and has approximately $370 million in assets. Its financials look a bit shakier than the first two banks. It has a Texas Ratio of 32.35%, not bad but above the national average of 21.06%. It has also had a negative return on equity for every year since 2007. Lastly, Middlesex appears to be in the process of shrinking itself. Assets have decreased from $394 million in 2006 to $370 million in 2011.
- Williamstown Savings Bank is offering a 2.25% APY 60-month CD with a $10 minimum balance. Nice minimum! The bank has one branch located in Williamstown. It was founded in 1892 and has approximately $230 million in assets. The bank has an average Texas Ratio of 24.65% and has shrunk its assets from $260 million in 2006 to the $230 million today.
If you prefer the credit union route, Massachusetts has quite a few credit union options. All credit unions listed below are NCUA insured.
- Digital Federal Credit Union is the largest credit union in Massachusetts with over $3 billion in assets. It is offering a terrific 2.86% APY rate on a 60-month CD with a minimum $25,000 deposit. Don't want to deposit $25,000? Then with a $500 minimum deposit you can still get a competitive rate of 2.76% APY. DCU, as it is known has very broad membership criteria. One of the easiest ways to join is to become a member of Reach Out for Schools, a non-profit that seeks to aid schools in Massachusetts communities. The fee to join the organization is $10 per year. DCU has an above average Texas Ratio - 19% versus national average of 10.30%. The credit union has 18 branches circling the Boston area.
- American Airlines Federal Credit Union is offering a 2.78% APY 5-year CD. Like all credit unions, AA CU is not open to everyone. In order to join you must an active or retired employee of American Airlines, Inc., American Eagle Airlines, or the Air Transportation Industry. The Air Transportation Industry is a pretty broad category that covers government employees (TSA, FAA, etc.) as well as airport employees and onboard airline food services employees. When you become a member you can also sponsor membership for family members. As you can imagine, AA Credit Union has branches located at airports, so the closest branch in Massachusetts is at Logan Airport. Financially, the credit union looks strong with a Texas ratio of 5.14% versus the national average of 10.30%.
Online CD Rates
In addition, online banks also offer attractive 3-year CD rates to residents across all of Massachusetts. These CDs need to opened and managed online.
- Nationwide Bank offers a 2.10% APY 5-year CD with a $100,000 minimum balance.
- Discover Bank offers 2.00% APY with a $2,500 minimum balance.
- New Dominion Direct is paying 1.95% APY with a $3,000 minimum balance.
In this case, the online banks are no match for the local banks and credit unions.
To find rates for terms other than just 60-months in your local area or online, please check out our comprehensive list of CD Rates. BestCashCow has one of the biggest databases of CD rates in the U.S. for local and online banks as well as credit unions.