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
APY Range
Minimum Deposit
Terms
Fees
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 | 4.50% | 90 days of interest |
6 Months | 4.75% | 90 days of interest |
12 Months | 5.15% | 90 days of interest |
18 Months | 5.05% | 120 days of interest |
24 Months | 4.45% | 180 days of interest |
36 Months | 4.45% | 180 days of interest |
48 Months | 4.30% | 180 days of interest |
60 Months | 4.35% | 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
APY Range
Minimum Deposit
Terms
Fees
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 | 3.40% | 3 months interest
|
9 Months | 3.50% | 3 months interest
|
12 Months | 4.85% | 6 months interest
|
18 Months | 5.00%
| 6 months interest |
24 Months | 4.30% | 6 months interest |
30 Months | 4.30% | 6 months interest |
36 Months | 4.30% | 6 months interest |
48 Months | 4.00% | 9 months interest |
60 Months | 4.00% | 18 months interest |
120 Months | 3.80% | 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
APY Range
Minimum Deposit
Terms
Fees
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 | 5.00% | 3 months of interest |
11 Months – No Penalty | 4.90% | / |
13 Months | 4.65% | 6 months of interest |
18 Months | 4.60% | 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
APY Range
Minimum Deposit
Terms
Fees
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 | 4.30% | 3 months interest |
9 Months | 4.30% | 3 months interest |
12 Months | 5.00% | 3 months interest |
18 Months | 5.25%
| 6 months interest |
24 Months | 4.40% | 6 months interest |
30 Months | 4.30% | 6 months interest |
36 Months | 4.30% | 6 months interest |
48 Months | 4.20% | 6 months interest |
60 Months | 4.10% | 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
APY Range
Minimum Deposit
Terms
Fees
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 | 4.95% | 90 days of interest |
9 Months | 5.00% | 90 days of interest |
12 Months | 5.50% | 90 days of interest |
18 Months | 5.55% | 180 days of interest |
24 Months | 4.65% | 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
APY Range
Minimum Deposit
Terms
Fees
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 | 5.15% | 90 days of interest |
18 Months | 5.00%
| 90 days of interest |
24 Months | 4.60% | 180 days of interest |
36 Months | 4.50% | 180 days of interest |
48 Months | 4.45% | 180 days of interest |
60 Months | 4.50% | 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.
U.S. Bank
APY Range
Minimum Deposit
Terms
Fees
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 | 4.80% |
CD Special | 11 Months | 4.75% |
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 | |
|---|---|---|
3.70% – 5.10% | $500 | |
4.18% – 5.35% | $1,000 | |
0.01% – 4.80% | $1 | |
4.30% – 5.30% | $500 | |
2.00% – 4.35% | $1,000 | |
4.25% – 4.75% | $1,500 | |
3.00% – 5.00% | $1,000 | |
2.00% – 5.00% | $2,500 | |
3.00% – 5.15% | $0 | |
0.05% – 4.90% | $500 | |
3.51% – 4.85% | $5,000 | |
4.60% – 5.60% | $25,000 | |
4.45% – 5.50% | $1,000 | |
5.56% – 5.65% | $1,000 | |
4.50% – 5.75% | $1,000 | |
0.05% – 4.50% | $1,000 | |
1.49% – 5.26% | $2,500 | |
2.25% – 5.15% | $0 | |
2.75% – 4.50% | $1,000 | |
1.00% – 5.50% | $250 | |
0.40% | $1,000 | |
5.50% | $2,500 | |
4.25% – 5.50% | $1,000 | |
0.05% – 4.90% | $500 | |
3.95% – 5.25% | $1,000
|
Compare CD Rates Side By Side
