The top CD rates actually went up a bit this week, with the top 5 year CD going from 2.78% APY to 3.01% APY. The same is true of the 3 year CD where the top rate of 2.45% APY was dethroned by the Institution for Savings In Newburyport. The aptly named Institution for Savings is offering a 3 year CD that pays 2.50% APY with a $500 minimum balance to open. That's pretty good considering the average 60 month CD is paying only 1.60%. The average 3 year CD rate is 1.12% APY according to BestCashCow data.
The Institution has seven branches around Newburyport, MA in towns such as Ipswich, Rowley, and Newburyport. The bank was founded in 1820 and has approximately $1.21 billion in assets. Financially, the bank looks very strong with a very low Texas Ratio of 2.78% versus the national average of 21.06%. Its Return on Equity is also strong at 9.55% versus the national average of 7.57%. And like many banks offering higher rates, it has grown significantly in the past five years, increasing assets from $552 million in 2006 to the $1.21 billion today.
If you don't live near a First Choice Bank branch, look for the highest CD rates in your local area. BestCashCow has the Inernet's largest database of bank rate information.
Previous Weekly Rate Deals
- November 7, 2011 - State Savings Bank of Rake, IA Offering 3.82% APY FIRA
- October 31, 2011 - First Choice Bank Offering 2.80% APY 5-Year CD
- October 24, 2011 - First National Bank of St. Ignace Offering 12-Month Flex CD at 1.51% APY
- Oct 17, 2011 - Weekly Rate Deal - Navy Federal Credit Union Offering 3% APY 12-Month CD
- Oct 7, 2011 - Farmers & Traders Bank Takes Weekly Rate Deal for 3% APY 60-Month CD
Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.
Have a good week!