Massachusetts residents looking to take advantage of a competitive CD rate should look at Patriot Community Bank. It is currently offering some of the best CD rates in the state according to BestCashCow rate data. Its competitive rates include:
- Top 12-month CD rate of 1.25% APY
- Top 18-month CD rate of 1.35% APY
- Top 24-month CD rate of 1.65% APY
- Top 36-month CD rate of 2.00% APY
- Competitive 60-month CD rate of 2.50% APY
The minimum balance to open a CD is a relatively low $1,000. The 12-month CD rate requires that the individual also have a checking account with the bank. It's odd that only that term requires a checking account but I spoke to the bank and confirmed the information.
Account can only be opened in-branch so you'll need to make a trip to Woburn if you are interested (click for location information).
The bank was founded in 2006 and has $100 million in assets, making it a relatively small bank. It is FDIC insured. The bank has one branch located in Woburn, MA, about 10 miles outside of Boston. The bank's assets have grown from $32 million in 2006 to $102 million today. The Texas ratio of the bank was not available.