Update – Berkshire Bank acquired Legacy Banks in 2010. Berkshire now has locations throughout the east coast. Visit BerkshireBank.com for further information on updated interest rates and locations.
We just got tipped off on a very noteworthy 40 bank CD (certificate of deposit) rate offered through Legacy Bank – which serves residents in the states of New York and Massachusetts.
Thanks to BankVibe reader Bonnie for tipping us off!
This promotional product comes in the form of a 40 month deposit and is yielding 3.50% APY with a minimum deposit amount of $1,000. To put this offer in perspective, the national average for 5 year CD’s (60 months) sits at roughly 2.80% APY.
Whenever you see banks offer deposits with oddball type maturities (anything not in increments of 6 months) they are typically promotional offers that carry significantly higher yields than their standard CD counterparts.
If you think this 40 month CD is a bit longer of a commitment than you were hoping to make, you’ll be pleased to know that after digging through Legacy Bank’s CD rate page we found a few additional noteworthy offers. Currently, they have a 4 month CD yielding 1.50% APY, a 36 month CD yielding 3.0% APY and a 60 month CD yielding 3.75% APY. All of these CDs come with a minimum deposit of only $1,000 and beat the national average by a rather hefty margin.
Because Legacy Bank is a community bank (serving Massachusetts and New York for roughly 120 years) you will most likely need to reside near a physical branch – or at least be able to stop into one – to open this account.
New York: Albany, Greenville, Oak Hill, Latham, Middleburgh, Windham and Whitehall
Massachusetts: Pittsville, Haydenville, Lenox, Lee, Great Barrington and Otis
Contact them at: (800) 292-6634