Hyde Park Savings Bank, a local bank in and around Boston is offering a 16-month CD that pays 2.00% APY. That's competitive when compared to the best 1-year cd rates. The bank is also offering a 30-Month CD that pays 2.40% APY.
Rates and ratings current as of 2/10/2010.
There is a low $500 minimum deposit to open either CD. The offer is only available to Massachusetts residents and can be opened in the branch or via phone.
Hyde Park Savings Bank operates six branches. As of Sept 30, 2009 it had $900 million in assets. The bank has 5 out of 5 stars (Superior) for its safety and soundness according to Bauer Financial.
Hyde Park Savings Bank has FDIC insurance as well as coverage via the Depositors Insurance Fund (DIF), something unique to Massachusetts. The DIF provides coverage and above the $250,000 in FDIC insurance currently available. DIF provides insurance on all deposits no matter what the limit on participating Massachusetts chartered savings banks. The fund currently has $300 million in reserve which should make you hesitate. There is surely more than $300 million in in deposits at Massachusetts chartered savings banks. Thus, while the DIF is a nice to have, it doesn't seem feasible that in the case of a banking meltdown it would be able to cover all funds in MA over and above the FDIC limits.
Still, with FDIC insurance, DIF coverage, and a superior bank rating, Hyde Park Savings Bank appears to be a pretty safe place to stash some cash.
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