The top CD rates in Massachusetts are well above the national average rate on comparable term certificates but are now running well behind the best CD rates that can be obtained across the nation.  The shorter term certificates are falling especially short when it comes to stacking up against the top rates available at non-Massachusetts based banks.

The average rate on the top six month CDs in Massachusetts is 0.550%.  The average rate is hovering quite a bit higher than the national average rate of just 0.12%.  However, the interest rate available on the best six month CDs available across the nation stands at 0.737%. 

The Doral Direct CD rate for a six month term leads the nation at 0.87% where as the best six month CD rate in Massachusetts is at 0.65% and can be found at two banks, Winchester Co-operative Bank and Dedham Savings.

For one year CD rates, Massachusetts banks are falling only slightly behind after Nuvo Bank and Trust’s one year CD rate at 1.21% recently expired.  The best one year CD rates in Massachusetts today can be found at Beal Bank which offers the one year at a rate of 1.01% and Salem Five which offer a one year CD rate at 1.00%.

In the two year term category, Mass CD rates start playing some catch up to the top rates in the nation.  For a straight two year term certificate, Salem Five’s two year CD with a yield of 1.25% is only one basis point behind the best rate in the nation at 1.26%.  Berkshire Bank also has a CD yielding 1.25% but the certificate is available at limited branches based on geographic region.  The best overall rate in this category comes from Melrose Cooperative which has an odd term 29 month CD that earns an interest rate of 1.50% to beat all the competition.

The five year CDs are far more competitive when it comes to the national players.  The highest five year CD rate available nationally is at 2.30% and can be found at two banks, Synchrony Bank and EverBank.  The best five year CD rate in MA is 20 basis points lower at 2.10%.  Beverly Bank’s five year CD yielding 2.10% is the Bay State’s best rate.  Leader Bank also has an appealing high yield long term CD with a five year rate of 2.05%.

More information on the top bank rates can be found at Massachusetts CD rates where a list of the highest yielding bank rates can be found along with the bank contact information and the minimum deposit requirements needed to open the accounts.

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