Banking » Compare Banks » Best CD Rates In Massachusetts: 7 Great Options (February 2024)
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Best CD Rates In Massachusetts: 7 Great Options (July 2024)

Struggling to find the best CD rates in Massachusetts? Consider these 7 outstanding options to streamline your decision-making process
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

It can be hard to find the best CD rates in Massachusetts. There are many options and different banks to choose from, and it's almost impossible to compare them all. Each CD account has its own good and bad points.

For example, some accounts offer higher interest rates for short-term CDs, while others are better for long-term investments. Some accounts have good rates but come with restrictions, while others give you more flexibility but lower rates. You also need to think about how much money you need to deposit and if there are any fees for taking out your money early.

This article gives you a quick look at some of the top CD accounts in Massachusetts. But remember, it's not just about the highest rates. You should also consider the right length of time for your needs, the minimum amount of money you need to deposit, and any penalties for taking out your money early.

Alliant Credit Union

Alliant Credit Union
Alliant Credit Union

Alliant Credit Union

APY Range

5.08%-5.20%

Minimum Deposit

$1,000

Terms

3 months – 5 years

Fees

$0

Alliant Credit Union has really good rates for different CD terms, even for certificates that last longer than a year. This makes it a great choice for people who want to do CD laddering because they have lots of options and the rates are attractive.

When you put money into Alliant Credit Union's certificates, the interest you earn gets added to your balance every month. And the minimum amount you need to keep in your account is reasonable.

Term
APY
Early Withdrawal Penalty
3 Months
4.25%
90 days of interest
6 Months
5.00%
90 days of interest
12 Months
5.15%
90 days of interest
18 Months
4.90%
120 days of interest
24 Months
4.30%
180 days of interest
36 Months
4.20%
180 days of interest
48 Months
4.05%
180 days of interest
60 Months
4.00%
180 days of interest

Alliant has been around since 1935 and is the ninth biggest credit union in the U.S. based on how much money they have. They have $14 billion in assets and serve more than 600,000 members all over the country.

Joining Alliant is easy because anyone can become a member, including people who are not U.S. residents but meet certain requirements.

NASA Federal Credit Union

NASA Federal credit union review
NASA Federal credit union review

NASA Federal Credit Union

APY Range

4.00% – 5.35%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Fees

$0

At NASA Federal Credit Union, you can invest in share certificates that have different time periods, ranging from six months to five years. This means you can secure a fixed interest rate for the entire duration of the certificate.

To open a regular certificate of deposit (CD), you'll need to deposit at least $1,000. If you're interested in a 18-month term, they offer some of the highest rates available in the market.

CD Term
APY
Early Withdrawal Penalty
3 Months
2.00%
3 months interest
6 Months
4.25%
3 months interest
9 Months
4.25%
3 months interest
12 Months
4.70%
6 months interest
18 Months
4.40%
6 months interest
24 Months
4.00%
6 months interest
30 Months
3.75%
6 months interest
36 Months
3.75%
6 months interest
48 Months
3.75%
9 months interest
60 Months
3.75%
18 months interest
120 Months
3.75%
24 months interest

They also have special certificates called Premier Bump Rate certificates that last for either 24 or 36 months. During that time, you can ask for a higher interest rate one time. And if you're younger, they have Add-On Certificates and Early Savers certificates, which let you start with very little money.

If you live in Massachusetts, you can easily join NASA Federal Credit Union because they're connected to the National Space Society. When you apply for an account, you can do it online and become a member in less than an hour.

CIT Bank

CIT-Bank-Logo
CIT-Bank-Logo

CIT Bank

APY Range

0.30% – 3.50%

Minimum Deposit

$1,000

Terms

6 months – 5 years

Fees

$0

CIT Bank doesn't have the best long-term CD rates, but they do have good rates for short-term CDs and a low minimum deposit requirement. We included CIT Bank as an option because they have something unique – one of the highest rates for no-penalty CDs. This is great if you might need to take out your money earlier than planned.

CIT Bank offers different types of CDs for you to choose from. They have regular CDs with fixed terms, no-penalty CDs, Jumbo CDs for larger investments, and Ramp Up CDs that are exclusive to existing customers.

CD Term
APY
Early Withdrawal Penalty
6 Months
3.00%
3 months of interest
11 Months – No Penalty
3.50%
/
13 Months
3.50%
6 months of interest
18 Months
3.00%
6 months of interest
36 Months
0.40%
6 months of interest
48 Months
0.50%
12 months of interest
60 Months
0.50%
12 months of interest

It's worth noting that CIT Bank is part of First Citizens Bank, which has been around since 1898. However, CIT Bank is an online bank, so you don't have to visit a physical branch. They still provide all the banking services you need.

Capital One

Capital One
Capital One

Capital One

APY Range

3.90% – 5.00%

Minimum Deposit

$0

Terms

6 – 60 months

Fees

$0

Capital One 360 offers a wide variety of CDs with different lengths of time. If you live in Massachusetts, you can take advantage of the competitive interest rates for all CD terms. This makes Capital One a great choice if you want to use CD laddering techniques.

You also have the freedom to choose how often you receive the interest from your CD. You can get it monthly, annually, or at the end of the CD's term. Capital One has a relatively low penalty if you need to withdraw your money from the CD early, which sets it apart from other banks.

CD Term
APY
Early Withdrawal Penalty
6 Months
4.25%
3 months interest
9 Months
4.25%
3 months interest
12 Months
5.00%
3 months interest
18 Months
4.45%
6 months interest
24 Months
4.00%
6 months interest
30 Months
4.00%
6 months interest
36 Months
4.00%
6 months interest
48 Months
3.95%
6 months interest
60 Months
3.90%
6 months interest

Capital One is not only well-known for its credit cards but also for its online banking services and the Capital One Cafés. It is currently one of the top online banks in the country. Opening a Capital One CD account is straightforward and shouldn't take more than 15 minutes.

Sallie Mae

sallie-mae- review
sallie-mae- review

Sallie Mae

APY Range

5.00% – 5.10%

Minimum Deposit

$2,500

Terms

6 months – 5 years

Fees

$0

If you're living in Massachusetts and looking for an online bank with competitive CD rates, Sallie Mae is a great option. 

To open a certificate of deposit (CD) account with Sallie Mae, you need to deposit at least $2,500. If you need to take out your money early, Sallie Mae doesn't charge as much as other banks – the penalties are reasonable.

CD Term
APY
Early Withdrawal Penalty
6 Months
4.80%
90 days of interest
9 Months
4.85%
90 days of interest
12 Months
5.05%
90 days of interest
18 Months
4.75%
180 days of interest
24 Months
4.50%
180 days of interest
30 Months
4.00%
180 days of interest
36 Months
4.00%
180 days of interest
60 Months
4.00%
180 days of interest

Sallie Mae Bank is part of a company called SLM Corporation, which is known for helping students with loans. They focus on online banking and offer different ways to save your money, like regular savings accounts, CD accounts, and a money market account.

Barclays Bank

barclays logo
barclays logo

Barclays Bank

APY Range

3.50% – 5.00%

Minimum Deposit

$0

Terms

12 to 60 months

Fees

$0

Barclays CDs have really good interest rates for different lengths of time, making them a popular choice in Massachusetts. You don't need a minimum deposit, and you can easily open an account online in just a few minutes. The only downside is that they don't offer CDs for three months, six months, and nine months, which can be a bit inconvenient if you want to do CD laddering.

Barclays Bank USA gives you a nice 14-day grace period when your CD matures. During this time, you can decide whether to close your Barclays CD and take out the money, renew it for a different period, or simply do nothing and let it renew automatically.

CD Term
APY
Early Withdrawal Penalty
12 Months
5.00%
90 days of interest
18 Months
4.50%
90 days of interest
24 Months
4.00%
180 days of interest
36 Months
3.50%
180 days of interest
48 Months
3.50%
180 days of interest
60 Months
3.75%
180 days of interest

Barclays Bank US is a big credit card provider and is part of a bank called Barclays, which is based in the UK.

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Savings Rate: Up to 5.00% APY
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Savings Rate: 4.50% APY

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Savings Rate: 4.75% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

U.S. Bank

us-bank-logo
us-bank-logo

U.S. Bank

APY Range

0.20% – 0.40%

Minimum Deposit

$500

Terms

17 months – 5 years

Fees

$0

Most regular banks don't offer great interest rates on certificates of deposit (CDs), but a lot of people still prefer to stick with their familiar bank. That's why we've included one such bank on our list.

U.S. Bank is one of the largest banks in the US and has more than 15 branches in Massachusetts. They have competitive rates on CDs, but only for specific periods known as “special CDs.” It's important to choose wisely because not all CD durations come with good interest rates.

CD Type
CD Term
APY
Standard CD
6 Months
0.05%
Standard CD
12 Months
0.05%
Standard CD
24 Months
0.05%
Standard CD
36 Months
0.10%
CD Special
7 Months
4.00%
CD Special
11 Months
4.70%
CD Special
15 Months
4.95%
CD Special
19 Months
4.95%
Step Up CD
28 Months
0.35%
Trade Up CD
30 Months
0.10%
Trade Up CD
60 Months
0.40%

To make the smartest decision, it's recommended to check out the available special CD durations and have a chat with a bank representative to learn about the current opportunities.

Additionally, if you have a large sum of money to deposit, U.S. Bank as a traditional bank, allows for negotiating the rates. So, if you find yourself in this situation, it's advantageous to take advantage of this opportunity and secure the best rate possible.

No Penalty CDs In Massachusetts

Honestly, it's not easy to find a way to avoid penalties in Massachusetts. It's a bummer since only a handful of banks and credit unions, like CIT Bank, Synchrony Bank, and Marcus, provide good rates on no-penalty CDs. The catch is that the interest rates on these CDs are usually lower than the regular ones.

If you're looking for an option without penalties in Massachusetts, you might want to check out savings accounts instead. These accounts allow you to withdraw your money whenever you want, and you can find them almost everywhere, in any bank or credit union in Massachusetts. Plus, in many cases, they offer higher interest rates compared to no-penalty CDs.

How Massachusetts CDs Compare?

The intensity of competition in the CD market has reached its highest point in the past 15 years. The alteration in interest rates has significantly influenced the landscape, as banks and credit unions now provide previously unimaginable rates.

Consequently, conducting a comprehensive rate comparison within Massachusetts and the entire nation is advisable. Online banks, accessible from anywhere, typically offer the most favorable rates.

Provided below is a comparative analysis of several appealing alternatives that were not featured on our CD list for Massachusetts:

CD APY Range
Minimum Deposit
3.90% – 5.10%
$500
4.14% – 5.26%
$1,000
5.05%
$1
4.30% – 5.05%
$500
2.00% – 4.35%
$1,000
4.25% – 4.75%
$1,500
3.00% – 4.75%
$1,000
3.75% – 4.30%
$2,500
3.00% – 4.50%
$0
0.05% – 4.75%
$500
3.51% – 4.85%
$5,000
4.20% – 5.40%
$25,000
4.65% – 5.40%
$1,000
5.35% – 5.51%
$1,000
4.90% – 5.50%
$1,000
0.05% – 4.50%
$1,000
4.25%- 4.75%
$2,500
UP TO 5.10 %
$0
2.75% – 5.25%
$1,000
1.00% – 5.00%
$250
4.70%
$1,000
4.00% – 5.15%
$2,500
4.25% – 5.30%
$1,000
0.20% – 0.40%
$500
3.95% – 5.5%
$1,000
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Savings Rate: 4.40% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
We get compensated for these product offers

Top Savings Accounts From Our Partners

Chime Banking App

  • 2.00% APY on Chime Savings 
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Quontic High Yield Savings

  • 4.50% APY on savings
  • Interest is compounded daily
  • No Monthly Service Fees

CIT Savings Connect 

  • Up to 5.00% APY on savings
  • No monthly service fees.
  • Zelle, Samsung & Apple Pay

Advertiser Disclosure

The product offers that appear on this site are from companies from which this website receives compensation. 

Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
CIT-Bank-Logo
Savings Rate: Up to 5.00% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.75% APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.