Sovereign Bank Mortgage Rates and Review(s)

Sovereign Bank, based out of Pennsylvania, is currently offering mortgage rates and home loan refinance rates with APR’s below the national average. They have a wide range of home loan products – offering fixed rate mortgages, adjustable rate mortgages, FHA/VA mortgages, construction loans and reverse mortgages (to name a few). Their 30 year and 15 year fixed rate home loans both come with APR’s below 5.0%.

Sovereign Bank is one of the largest banks in the United States. They have nearly $50 million in deposits and just under 750 offices throughout the country.

Sovereign Bank’s Recent History:

Sovereign expanded into New England in 2000, and the New York area in 2006. The expansion into New England included approximately $12 billion in deposits, $8.1 billion in loans, 281 branches, and 550 ATMs from FleetBoston Financial, which was the largest branch acquisition in banking history. Today, Sovereign offers more than 750 branches and 2,300 ATMs from Maine to Maryland.

Mortgage Rates offered through Sovereign Bank:

(rates accurate as of 8/25/2010, visit their mortgage page for updated rates)

- 30 year fixed rate mortgage with interest rates ranging from 3.75% to 4.375% on home loans less than or equal to $417,000 and depending on point structure.

- 15 year fixed rate mortgage with interest rates ranging from 3.25% to 3.875% on home loans less than or equal to $417,000 and depending on point structure.

Sovereign Bank Mortgage Benefits and Features:

• Online mortgage tools and planning
• Low down payment loans
• Reverse Mortgages
• Loans for as little as $15,000
• FHA/VA mortgages
• Pre-qualifications
• Fast approvals
• Zero points
• Construction loans
• Flexible terms available

Terms and Conditions:

Rates are subject to the borrower meeting minimum credit score and loan-to-value requirements.Sovereign Bank offers a diverse menu of conventional, jumbo, FHA/VA, fixed and adjustable rate mortgage products. The above rates are limited to properties located in Pennsylvania, New Jersey, New York, Delaware, Massachusetts, Connecticut, New Hampshire, and Rhode Island.

APRs are calculated assuming a property located in Massachusetts with a 30% down payment. It is also assumed that the loan is closing on the last day of the month. Based on a $100,000 mortgage loan of 30 or 15 years with a corresponding APR of 8.00% or 7.50%, you would make either 360 or 180 monthly payments of $733.76 or $927.01, respectively.

Recent Mortgage Reviews:

Vision Bank mortgage rates and reviews – featuring APR’s under 5% as of 8/2010

Fifth Third Bank mortgage rates and reviews – featuring APR’s below the national average

TD Bank CD Rates and Review

TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.

About TD Bank:

TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.

Current CD Rates offered by TD Bank:

Basic CD’s

- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).

- Other terms available, contact a local rep for current rates.

No Catch CD’s

- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

Step Rate CD’s

- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.

- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.

* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).

TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.

Also check out: TD Bank’s Checking Account Bonus

S-Bank’s Grand Opening 9 month CD special – Locals Only

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.

About S-Bank:

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 may want to compare this offer with other Massachusetts CD rates.

Best 15 month CD rates paying 2.25% APY

We were recently tipped off on a nice 15 month promotional CD (certificate of deposit) being offered through Country Bank for Savings. We believe this to be the highest yielding CD for a 15 month duration in the country (if you know of a higher yield, please share!). Currently when you invest a minimum of $500 into Country Bank for Savings “15 Month Relationship Certificate” you can earn an extremely competive APY of 2.25%.

As with most promotional CD offers there is somewhat of a catch. With this particular offer you must also hold a $1,000 monthly average balance in a CBS checking account with monthly direct deposit(s) in any deposit account.

Other Promotional Offers available through Country Bank for Savings with qualifying CBS Checking Account:

• 6 month CD yielding 1.85% APY with minimum deposit of $500 required
• 24 month CD yielding 2.50% APY with minimum deposit of $500 required

Without opening one of their CBS checking accounts you can still obtain decent deposit rates. Their CD rates for standard CDs are as follows:

Country Bank for Savings is located in Massachusetts and was originally established in 1850 (FDIC member since 1982; FDIC # 23992).

Best CD Rates in Boston, MA: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Boston, Massachusetts. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Boston as well as the state of Massachusetts, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Boston, Massachusetts:

• Country Bank for Savings has a 5 month CD as well as a 6 month CD yielding 1.80% APY with a minimum deposit of $500 required. They have locations throughout the state with either branch locations or ATMs in both Boston and Willbraham, MA.
• Mount Washington Co-Operative Bank has a 6 month CD and a 9 month CD yielding 1.76% APY with a minimum deposit of $500 required. They operate primarily out of Boston, MA.
• GreyLock Federal Credit Union has a 6 month CD yielding 1.75% APY with a minimum deposit of only $1000 required. They have locations (either branch or ATM) in both Boston and Williamstown, MA.

Best 12 month CD rates in Boston, Massachusetts:

• American Airlines Federal Credit Union (Boston branch) has a 12 month CD yielding 2.12% APY with a minimum deposit of $10,000 required. This credit union is difficult to join if you work outside of the airlines industry.
• Workers Credit Union has a 12 month CD yielding 2.10% APY with a minimum deposit of $500 required. They have locations in both Boston and Townsend, MA.
• GFA Federal Credit Union has a 12 month CD and a 15 month CD yielding 2.05% APY with a minimum deposit of $500 required. They have locations in both Boston and Winchendon, MA.

Best 24 month CD rates in Boston, Massachusetts:

• First Priority Credit Union has a 24 month CD yielding 2.75% APY with a minimum deposit of $1,000 required. They are headquartered in East Boston.
• Leominster Credit Union has a 24 month CD yielding 2.75% APY with a minimum deposit of $1k as well. They have locations (either physical branch or ATM) in both Boston and Worcester, MA.
• Cambridge Portuguese Credit Union has a 24 month CD yielding 2.50% APY with a minimum deposit of $500 required. They have locations in Boston and Somerville, MA.

Highest yielding money market account rates in Massachusetts

Below are the highest yielding money market account rates serving citizens of the state of Massachusetts.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

After sorting through dozens of interest rate tables belonging to banks and credit unions serving the state of Massachusetts, we have found that in most instances you will be able to lock in more competitive rates with national institutions. Before committing to one of the banks listed below, you may want to browse through our archive of best money market accounts.

Below, we have listed the top 2 banks and/or credit unions serving the state of Massachusetts which are offering the highest returns on their money market accounts. Keep in mind the national average for money market rates currently sits at roughly 1.17% APY (to put these offers in perspective).

Top 2 MMA (money market account) rates in Massachusetts:

(click on the institution for more information)

• Peoples Federal Savings Bank: Brighton, MA. “Premium money market account” yielding up to 2.0% APY with a minimum balance of $20,000. This account is set up in three tiers. The first tier holds a minimum balance of between $1 and $999 and yields a rather unimpressive 1.0% APY, the second tier holds a minimum balance of between $1,000 and $19,999 and yields 1.75% APY, the third tier yields 2.0% APY as long as your minimum balance remains over $20k. Peoples Federal Savings Bank is a community bank serving neighborhoods surrounding the greater Boston area for roughly 109 years. They offer a variety of banking products including checking accounts, savings accounts, consumer loans and home financing programs. They have six locations residing in Brighton, Brookline, Allston, West Roxbury, Jamaica Plain, and Norwood. Contact info: (617) 254-0707
• Greylock Federal Credit Union: Williamstown, MA. “Online advantage money market account” yielding up to 1.97% APY. This money market account is set up in six tiers based on minimum balance amount. The tiers are as follows, if you maintain a balance of under $2,500 you will earn 1.01% APY, if you maintain a balance of between $2,500 and $24,999 you will earn 1.41% APY, if you maintain a balance of between $25,000 and $49,999 you will earn 1.51% APY, if you maintain a balance of between $50,000 and $99,999 you will earn 1.61% APY, if you maintain a balance of between $100k and $199,999 you will earn an APY of 1.77% and if your balance stays above $200k you will earn 1.97% APY. Membership in the Credit Union is open to anyone who lives, works, worships, attends school, or regularly conducts business in Berkshire County, Massachusetts OR anyone related to a current Member by blood, adoption or marriage is eligible to join Greylock, regardless of where she/he lives.  Eligibility also extends to unrelated persons who share a residence with a current member. Contact info: (413) 236-4000

Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in Massachusetts and know of a better money market account rate offered by your local bank or credit union, please share by leaving a comment.

Legacy Bank’s 40 month CD rate: 3.50% APY

We just got tipped off on a sweet bank CD (certificate of deposit) rate offered through Legacy Bank, which serves the state of New York and Massachusetts. 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 sits at roughly 2.80% APY.

Thanks to BankVibe reader Bonnie for tipping us off!

After digging through Legacy Bank’s CD rate page we found a few noteworthy offers. 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.

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 atleast be able to stop into one, to open this account.

Branch Locations:

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

You may also want to compare this rate with other CD rates in New York and CD rates in Massachusetts.

First Priority Credit Union CD Rates

First Priority Credit Union out of Massachusetts currently has two noteworthy CD rate promotions going on.

First is their exceptional 9 month CD special which has an interest rate of 2.97% or 3.0% APY! To put this lucrative rate in perspective the national average for 12 month CDs is currently 1.99% and the national average for 2 year CDs is 2.33%.

Second is their 5 year CD which is currently yielding 4.25% APY. The national average for 5 year CD’s sits at roughly 3.00% APY.

The only bad news about these CD rates is that you must be a member of First Priority Credit Union to apply for them. As stated on their website, First Priority Credit Union membership is available to members of the Postal Community (employees, retirees, family members) as well as those that live and work in Massachusetts’ Essex County or Suffolk County.

For further info on these CD rates or membership eligibilty contact a rep at: phone (800) 949-7628

4 month online CD (certificate of deposit) through Danvers Bank

Danvers Bank of Boston, Massachusetts has an online bank CD (certificate of deposit) yielding a 3.30% APY with a maturity date of only 4 months! This bank CD became available yesterday Feb, 17, 2009 and is subject to change without notice. This product is available nationwide for a limited time and a $500 minimum deposit is required. Danvers bank offers a large variety of bank deposit products but with rates substantially lower than their 4 month promotional online CD. (Compare high interest CD rates)

Danvers Bank CD Rates

• 1 year CD (certificate of deposit) yielding 1.75% APY with a $500.00 minimum deposit
• 3 year CD (certificate of deposit) yielding 2.50% APY with a $500.00 minimum deposit
• 5 year CD (certificate of deposit) yielding 3.25% APY with a $500.00 minimum deposit
• 12 month CD Special yielding 2.50% APY with a $500.00 minimum deposit

About Danvers Bank: (as seen on website)

Danversbank was founded in 1850 with a mission of providing banking services to consumers and residents in the town of Danvers. These services primarily included savings accounts and home mortgage loans. More than 155 years later, they remain committed to the financial needs of individuals and families, and have expanded that promise to include businesses both large and small in and around the Greater Boston area.

Terms and Conditions for obtaining the 4 month Online CD

Annual Percentage Yields (APYs) accurate as of Tuesday, February 17, 2009; rates are subject to change without notice; fees and withdrawals could reduce earnings on accounts. A penalty may be imposed for early withdrawal from a Certificate of Deposit (CD) account. All accounts except CDs are variable interest rate accounts and the interest rate may change at any time. The minimum balance tiers to earn the APY stated on this rate sheet reflect the full tier balance ranges for each appropriate tier. All accounts compound monthly. Please see your local banker or consult the “Terms and Conditions of Your Account” document for additional information.