Massachusetts CD rates were lower for all maturities for the week ending June 5, 2009. The average for the best six month CD rates declined by only one basis point or 1/100 of a percent to 1.98%. The five year CD rate average slid one basis point, as well to close the week at 3.51%. The average of the one year CD rates plunged eight basis points to 2.22%. The best two year CD rates averaged 2.67% for the week, down five basis points.
The best six month CD rate in Massachusetts comes from Trustco Bank at 2.00%. Bank CD rates at 2.00% are also available at Southbridge Savings Bank on an eight month term, Easthampton Savings Bank on a nine month term and Needham Bank on a seven month term. Also listed is a nine month CD from Mt. Washington Bank that has a yield of 2.02%.
The best one year CD rate in Massachusetts is at 2.30% from Hyde Park Savings Bank on a 16 month term. The next best one year CD rate is at 2.25% and is available at Southbridge Savings Bank and Mechanics Cooperative Bank on a 15 month term as well as at Peoples Bank on a 15 month term CD. Marlborough Savings round out this list with a one year CD rate at 2.12%.
Two year CD rates in Massachusetts held up better than most terms with the highest two year CD rate standing at 2.80%, this CD rate is marketed by First Republic Bank in trails the best national rate by seven basis points. BankFive, Patriot Community Bank and Mechanics Cooperative Bank have the next best CD rates with a two year term at 2.75%.
The best Massachusetts five year CD rates are above the best national rates. The highest five year CD rate is at 3.75% and can be found at Mechanics Cooperative Bank and First Republic Bank. Five year rates drop measurably from here with the next best rate at 3.56% marketed by Bank of Fall River. River Bank’s five year CD of follows this offer with an interest rate of 3.40%.
The best certificate of deposit rates in Massachusetts dropped moderately for the week on the mid and long term CD rates while improving modestly on the short end of the CD rate curve. The best six month CD rates increased on average to 2.07% from 2.04% the previous week. The highest CD rates in this term category continue to lag the best national CD rates. The best six month CD rate in Massachusetts resides with United Commercial Bank with their odd term, seven month CD that yields 2.18%. Trustco Bank follows that lead with a six month CD that has an interest rate of 2.10%. Both of these bank CD rates fall below the top national rate of 2.20% set by Corus Bank in Chicago.
The mid term, one year CD rates and two year CD rates, in Massachusetts were unchanged to slightly lower for the week. The best one year CD rates were unchanged with the highest rate standing pat at 2.50% which can be found at First Republic Bank. The two year CD rates declined by five basis points or 5/100 of a percent for the week. The highest two year CD rate is at 2.75% and can be procured at several banks including BankFive, Institution for Savings, Patriot Community Bank, Mechanics Cooperative and First Republic Bank.
The best five year CD rates also lost ground for the week with the top rate now at 3.82%, down from 3.85% the previous week. Bank of Fall River lays claim to the top rate followed by First Republic Bank which last week had a five year CD rate of 3.85% but has now reduced the interest rate to 3.75%. Though the top five year CD rates lost ground, the average for the best five year CD rates increased by a few basis points from 3.48% to 3.51%.
Long term certificate of deposit rates in Massachusetts remain strong for the week while the short term rates showed some deterioration in the depth of the rates available. The best six month CD rate is unchanged at a relatively high rate of 2.55%. This rate is on a nine month term CD and is offered by Hyde Park Savings Bank. The best six month CD rate not on a promotional or special term is Trustco Bank’s six month CD that has an interest rate of 2.15%. Needham Bank follows with a seven month CD that yields 2.10%. Also at 2.10% is the nine month CD of Easthampton Savings Bank. Walpole Co-Operative is in fifth position also offering a seven month CD that has an interest rate of 2.05%. The list wraps up with a five month CD from Bridgewater Savings with a rate of 2.00%.
The best one year CD rates in Massachusetts are on 18 month term CDs. Hyde Park Savings Bank has an 18 month CD that leads the group at 2.65%. First Republic Bank also offers an 18 month CD with a rate that is 15 basis points lower at 2.50%. Four banks offer CD rates at 2.25%. Danversbank, Citibank, Institution for Savings and Commerce Bank and Trust all offer the 2.25% rate on one year CDs while Institution for Savings offers this rate on a 15 month term CD.
The highest two year CD rate in Massachusetts remains ahead of the best national CD rate. Patriot Community Bank has a two year CD with a rate of 3.00%. BankFive follows with a 30 month term CD that has an interest rate of 2.85%. First Republic Bank has reduced the rate they offer on their two year CD and get pushed down t third place with a two year CD rate of 2.80%. Institution for Savings and Mechanics Cooperative Bank both offer CD rates at 2.75%, Mechanics is on a 27 month term while Institution’s stays on a strict two year term.
The best five year CD rate in Massachusetts has been reduced but still leads even the best national rates for this term. First Republic Bank has dropped on the rate ion their five year CD to 3.85% to lead this term. Only three basis points behind this rate is Bank of Fall River’s five year CD that has an interest rate of 3.82%. The next best CD rate falls quite a bit to 3.50% and is the product of Mechanics Cooperative Bank. River Bank comes up next with a five year CD rate of 3.30%. Carry over’s from last week’s list, Mt. Washington Bank and BankFive, end the list but with reduced rates of 3.20%.
The best CD rates in Massachusetts moved with the speed of the three-toed sloth, that this to say they were mostly unchanged from the previous week. This is not necessarily a bad thing. Most of the highest CD rates in Massachusetts exceed the rates offered on the best national rates, the one exception being the rates on the one year term certificates of deposit.
The best six month CD rate in Massachusetts is unaltered with the extended nine month term CD of Hyde Park Savings bank that has an interest rate of 2.55%. The second position is also a nine month term CD that is a product of Danversbank and has an interest rate of 2.50%. Institution for Savings remains in third position with a nine month CD that earns a rate of 2.25%. Needham Bank, Trustco Bank and Easthampton Savings Bank round out the list with the last position being held by Easthampton with a six month CD rate of 2.10%.
The best one year CD rates in Massachusetts are a mix of longer term 18 month CDs and strict one year maturity CDs. The highest CD rates is an 18 month CD marketed by Hyde Park Savings Bank that has an interest rate of 2.65%. The next best CD rate is at 3.50% is being offered by three different banks, First Republic Bank, Danversbank and Commerce Bank and Trust. BankFive follows with an 18 month CD that has an interest rate of 2.35%. The list ends with Marlborough Savings Bank’s one year CD rate of 2.32%.
The best two year CD rates in Massachusetts remained stagnant for the week. The best two year CD rates do, however remain above the best national rates. First Republic Bank and Patriot Community Bank continue to offer two year CD with rates at 3.00%. BankFive replaces Bank of Fall River with an identical two year CD rate of 2.85% for the week. Three banks continue to offer two year CD rate at 2.75% to round out the list, Institution for Savings, Mechanics Cooperative Bank and HomeTown National Bank.
The best five year CD rates in Massachusetts showed very little activity for the highest rates but saw some reductions in rates further down the list for the week. The top five year CD rate continues to be promoted by First Republic Bank with a rate of 4.00%. The runner up’s interest rate remains the same at 3.82% but the bank issuing the CD has changed. Bank of Fall River is now offering this rate on their five year CD. Mechanics Cooperative Bank is a distant third place with a five year CD rate of 3.50%. River Bank, Mt. Washington Bank and BankFive close out the list with five year CD rates of 3.30%.
The best CD rates dropped modestly in the short and mid terms while remaining unchanged for the longer term maturities. The highest CD rates in all terms remain solidly above the best national rates. Hyde Park Savings Bank leads the category of six month certificates of deposit with a nine month term that has an interest rate of 2.55%. Danversbank runs a very close second with a much shorter term of four months and a rate of 2.50%. Rates drop by ¼ of a percent for the next best CD rate offered by Institution for Savings at 2.25% on a six month term.
The one year CD rate category is filled with CD terms that run longer than 12 months. We normally include CDs that are within 6 months of the term category if the bank CD rates are sufficiently above the rates for the term identified. Hyde Park Savings Bank has the best CD rate with an 18 month term that has an interest rate of 2.65%. Unibank is several basis points behind with an 18 month term that is at 2.57%. Four more banks round out the list, all offering CD rates of 3.50%.
This week two Massachusetts banks are marketing two year CD rates at 3.00%. Both First Republic Bank and Patriot Community Bank offer these rates which are 10 basis points above the best two year CD rates offered nationally. A 2.85% 30 month CD at Bank of Fall River is the next best rate. Three banks share third position with a two year CD rate of 2.75%. Adams Co-Operative Bank, First Trade Union Bank and Institution for Savings all have two year CD rates at 2.75%.
The five year CD rates in Massachusetts have become more competitive at the top end. First Republic Bank continues to outpace the best bank rates in the state and the national list. The bank offers a five year CD that has an interest rate of 4.00%. Belmont Savings Bank picks up second position with a five year CD rate of 3.82%. There is a big drop down to the next best five year CD rate to 3.50%. Three banks in Massachusetts offer this CD rate. Mechanics Co-Operative Bank and First Trade Union Bank offer this rate on a five year term while Adams Co-Operative Bank presents it in on a four year term.
Massachusetts continues to be one of the states where the state bank and regional bank CD rates beat the best national rates in all categories. In the six month CD category, Institution for Savings is offering a special six month CD that has a rate of 2.75%. Danversbank falls in second position with a four month promotional online CD that has a rate of 2.50%. The range of rates stay tight from here to the last position where Bridgewater Savings is marketing a five month CD that yields 2.25%.
Patriot Community Bank kicks off the one year CD rate category with CD rate of 3.00%, which is a full 25 basis points above the best national one year CD rate. BankFive falls into second position with an 18 month term CD that has an interest rate of 2.60%. Four banks take the position; First Republic Bank, Clinton Savings Bank, South Adams Savings Bank and Danversbank all with CD rates at 2.50%. First Republic Bank and South Adams Savings Bank have terms extending to 18 months while Danversbank and Clinton Savings Bank CDs are straight one year terms.
First Republic Bank leads the list of best two year CD rates in Massachusetts with a two year CD at 3.25%. BankFive stands in second position with a 30 month CD term that earns a rate of 3.10%. Mechanics Cooperative Bank rounds out this list with an odd month, 27 month CD that yields a rate of 2.75%.
First Republic Bank again, leads the competition in the five year CD rate category with CD that has an interest rate of 4.00%. From here the rates fall precipitously, the next best five year CD rate is being promoted by Bank of Fall River and has a rate of 3.56%. At this point the rates are very competitive, with at least four banks offering five year CDs at 3.50%. The banks at 3.50% on the five year list include Mechanics Cooperative Bank, South Adams Savings Bank, First Trade Union Bank and Adams Co-Operative Bank.