Weekly Rate Deal - Institution for Savings of Newburyport Offering 3 Year CD at 2.50% APY

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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.

Institution for Savings in NewburyportThe 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.

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Have a good week!

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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