S-Bank, based out of Massachusetts, is offering a phenomenal 9 month CD rate of 2.33% APY to their local customers. To put this offer in perspective the national average for 6 month CDs sits at 0.90% APY and the national average for 12 month CDs is around 1.30% APY.
Many thanks to BankVibe reader Mark for sending us this offer!
Although S-Bank is calling this a “grand opening special offer” it’s available at all of their local branches (not just the new one). This product is not being shown on their website, you must stop by one of their local branches in Weymouth, Quincy or Bridgewater to take advantage of it. You can view the ad online here.
As a side note S-Bank also has some very competitive rates associated with their money market accounts. Currently if you are to maintain a balance of above $75,000, you will earn 2.0% APY. The national average for money market rates sits at roughly 1.15% APY.
S Bank, based out of Weymouth, MA, is a tiny banking institution despite having their roots date back to 1890. They control just $190 in consumer deposits and service almost $120 million in loans. They aren’t listed in the top 100 banks in Massachusetts by either member or asset size. They have a number of savings products outside of their certificate of deposit offerings. The ones featuring the most noteworthy interest rates are their “select checking” and “select savings” however, as of 2012, these products are providing yields of just a quarter of 1 percent.
S Bank is governed by a Board of Directors. They are a fully owned subsidiary of South Shore Mutual Holding Company, which is governed by a Board of Corporators. S-Bank is member FDIC and your deposits will be federally insured up to $250,000. You can open an account either in person or online.
You may want to compare this offer with other Massachusetts CD rates.