Massachusetts residents looking to take advantage of a competitive CD rate should look at Patriot Community Bank. It is currently offering some of the best CD rates in the state according to BestCashCow rate data. Its competitive rates include:

• Top 12-month CD rate of 1.25% APY
• Top 18-month CD rate of 1.35% APY
• Top 24-month CD rate of 1.65% APY
• Top 36-month CD rate of 2.00% APY
• Competitive 60-month CD rate of 2.50% APY

The minimum balance to open a CD is a relatively low $1,000. The 12-month CD rate requires that the individual also have a checking account with the bank. It's odd that only that term requires a checking account but I spoke to the bank and confirmed the information.

Account can only be opened in-branch so you'll need to make a trip to Woburn if you are interested (click for location information).

The bank was founded in 2006 and has $100 million in assets, making it a relatively small bank. It is FDIC insured. The bank has one branch located in Woburn, MA, about 10 miles outside of Boston. The bank's assets have grown from $32 million in 2006 to $102 million today. The Texas ratio of the bank was not available.

Let’s face it: many of us are slowly losing money in this economy. Inflation hummed along at over 3.5% in August, and some of the very best secure deposit accounts out there are barely paying 1% APY. That means most people are losing about 2.5% on their investment, once you factor in inflation. It is possible to get more of a return for your investment than the standard APY, if you factor in bonuses and special offers. If you find two comparable accounts with (relatively) the same APY offer, which account bonus should you choose: cash or a different type of reward? That depends on you, your spending habits, your current needs, and what kind of things you value.

Generally, you should only take a merchandise bonus if you know for sure you will be using the merchandise (either for yourself, or as a gift). For example, if you’re already in the market for an IPod, a bank offering free IPods for new accounts may seem very enticing—and it could be a great deal for you. However, it’s important to keep in mind that if the type of bonus—cash or merchandise—exceeds $20 in value, it’s generally taxable. So, is it better to receive an IPod valued at $200 and pay tax on $200, or is it better to take a $200 cash bonus, find an IPod on sale for $150, and use the extra $50 to pay the tax (and pocket any extra)? The answer may not be as cut and dry as you think.

If the cash-bonus bank and the IPod-bonus bank are equal in all other ways (including fees, convenience, and so forth), you could clearly get more value for the $200 bonus if you can simply buy the IPod yourself on sale. However, if it takes you an hour (or more) to research IPod prices and drive to the store (or pay for shipping on something you ordered online), you could be losing money by doing it yourself. There is value in convenience. If you’re already pressed for time or just don’t want to deal with the hassle, the IPod merchandise bonus could be a great way to go.

The same reasoning applies to banks that offer airline miles as bonuses for opening deposit accounts. If the particular airline miles offered are something you are going to use for certain already (and the bank account, itself, meets your banking requirements with little or no fees), then it’s certainly a nice perk. However, it’s important to match the bank bonus to you and your lifestyle—not the other way around.

For the best information on savings accounts, click here.

It’s all over the news: banks are raising fees and good banking deals are harder to find. However, if you’re one of the lucky few who have excellent credit, there are still good deals to be found. Banks may be implementing fees for debit-card use, but there are some great free credit cards out there that pay you cash back for each purchase. As long as you can afford to pay off the balance each and every month, it’s a good alternative to paying debit card fees. An excellent one to consider is the Capital One Cash Credit Card.

This card has no annual fee and offers 1% cash back on all purchases. Additionally, until September 2012, it has a 0% Purchase and Transfer APR (after that, it’s a 12.9% to 20.9% variable APR). The cash back and the no-annual-fee feature alone make this card enticing, but this card offers some nice extra perks.

Ever year, the card will give you a 50% bonus on the cash back you have already earned for that year. So, if you earn $240 in cash back over the course of a year, you’ll get an extra $120 bonus at the end of the year. You will also get an additional one-time bonus of $100 once you spend $500 in the first three months. If you are using this card to replace debit-card spending, that bonus will be very easy to achieve. So, if you spend (and pay off) approximately $2,000 per month on your card (earning you the $240 annual cash-back bonus in the above example), you will earn $460 your first year in cash-back rewards and bonuses. Your cash rewards never expire, and you can request your earned cash as an account credit, as a check, or as a gift card. There is also no limit to the amount of cash back you can earn.

However, as previously mentioned, this card is only for people with excellent credit. What does “excellent credit” mean? According to Capital One, you must meet all of these requirements:

• You cannot have been more than 60 days late on any credit card, medical bill, or loan in the last year
• You can never have declared bankruptcy or defaulted on a loan
• You have had a loan or a credit card for three years or more with a credit limit above $5,000

Although Capital One doesn’t mention a credit score, generally “excellent” scores are considered to be mid-700’s and above.

In this economy, it may be hard to meet Capital One’s requirements due to circumstances beyond people’s control, like job layoffs. However, if you can meet the requirements, this card is a great way to put potentially hundreds of extra dollars a year into your pocket. Why pay debit card fees when you can have a bank pay you instead?

For the best information on banks, click here.