Berkshire Bank CD Rates
From the perspective of financial institutes and investment plans, Berkshire Bank has the most considerable reputation in the locality. Consumers and business owners are always in search of something new and innovative promotional scenarios, this need is well maintained by Barkshire banking locations.
Financial experts tend to design investment plans as per the requirements and considerations of the consumer. Ultimately, this would bring authenticity to all extents.
Berkshire Bank CD Rate Offers
Most enchanting CD rates offers by Berkshire Bank are given next;
6-month Special CD
Key Features
- Interest Rate: 4.65%
- APY (Annual Percentage Yield): 4.75%
- Minimum Balance to Open Account: $1000
- Minimum Balance to Earn APY: $1000
Key Considerations
- A minimum balance of $1000 is required to open the account and earn the advertised APY.
Pros & Cons
| Pros | Cons |
| Short-term commitment | Penalties for early withdrawal Apply |
13-month Relationship CD
Key Features
- Interest Rate: 4.03%
- APY (Annual Percentage Yield): 4.10%
- Minimum Balance to Open Account: $1000
- Minimum Balance to Earn APY: $1000
Key Considerations
- Investors should note the 13-month commitment period.
Pros & Cons
| Pros | Cons |
| Designed for checking relationship | Penalties for early withdrawal apply |
| Limited Flexibility |
20-month Personal Valiant CD
Key Features
- Interest Rate: 1.49%
- APY (Annual Percentage Yield): 1.50%
- Minimum Balance to Open Account: $5000
- Minimum Balance to Earn APY: $5000
Key Considerations
- This CD term is not tied to a checking account relationship.
Pros & Cons
| Pros | Cons |
| Longer term plan | Lower interest rate |
| No checking relationship needed |
37-month Personal Valiant CD
Key Features
- Interest Rate: 1.49%
- APY (Annual Percentage Yield): 1.50%
- Minimum Balance to Open Account: $5000
- Minimum Balance to Earn APY: $5000
Key Considerations
- It offers the same interest rate and APY but with a longer 37-month term.
Pros & Cons
| Pros | Cons |
| Potential for higher earnings | Limited liquidity horizon |
Are Berkshire Bank Rates Competitive?
In terms of competitive analysis, the Berkshire Bank offers an outstanding position. The competitive aspects can be cleared from the section below;
- The 6-month CD Promo and the 13-month Relationship CD Promo offer competitive interest rates of 4.65% and 4.03%, respectively, with corresponding APYs of 4.75% and 4.10%. These rates are notably higher than average market rates for similar terms.
- The 20-month and 37-month Personal Valiant CDs, while having lower interest rates (1.49%), still offer a competitive APY of 1.50% for longer terms. These rates may be attractive for individuals seeking a balance between duration and returns.
Overview Berkshire Bank
Berkshire Bank was originally founded on February 6, 1846. It was first opened as Berkshire Savings Bank. It changed its name in 1997 when it acquired Great Barrington Savings Bank.
The Bank has since acquired many other banks since then including Woronoco Savings Bank in 2005, Factory Point National Bank in 2007, Legacy Banks in July 2011, Hampden Bank in April 2015, Bank and Trust Company in October 2017, and SI Financial Group in 2019, as well as several others.
Their main headquarters are in Boston but they have full-service branches in several states. It is the fourth-largest bank in Massachusetts and has 130 locations. Their annual revenue is about $383.1 million and they have about 1,917 employees.
Availability
Anyone can open a certificate of deposit at any Berkshire Branch, but it cannot be opened online. You do not have to be an existing customer to open a CD.
Terms and Conditions
If the money is withdrawn early, half of the interest earned is lost. All accounts have to have a minimum starting balance of $10,000 in order to start accruing interest.
Most of the account terms are generally flexible and are great for people who want to create a short-term investment. A large deposit could create more interest earnings if you have the funds available.
Location Berkshire Bank
Branches in Massachusetts
Boston, West Springfield, Westborough, Pittsfield, Worcester, Springfield, South Hadley, Marlborough, Webster, Sheffield, Agawam, Westfield, Great Barrington
Branches in Connecticut
The branches in Connecticut are:
Rocky Hill, West Hartford, Glastonbury, Farmington, West Simsbury, Windsor, Vernon, South Windsor, Hartford, Enfield, Hebron, East Hampton, Colchester, Groton, Lebanon, Moosup
Branches in Vermont
The Branches in Vermont are:
Ludlow, Manchester Center, Rutland, Arlington
Branches in Pennsylvania
Two Branches in Pennsylvania: Yardley and Horsham
Branches in New York
The branches in New York are:
119 Avenue J, Brooklyn, 5 Broadway, 4 East 39th St, 210 Pinehurst Avenue
Branches in Rhode Island
The Branches in Rhode Island are:
Westerly, Newport, Portsmouth, Middletown, Wakefield, Pawcatuck, Dayville, Webster
FAQs
Minimum balance requirements vary by CD type. For example, the 13-month Relationship CD Promo requires a minimum balance of $1000, while the Personal Valiant CDs demand $5000.
Yes, CDs at Berkshire Bank may incur penalties for early withdrawal. Investors should be aware of these penalties before deciding to withdraw funds before the CD maturity date.
Yes, Berkshire Bank offers promotional CDs at competitive rates. For instance, the 13-month Relationship CD Promos feature higher interest rates compared to standard CDs.
CD rates can be subject to change based on various economic factors. This question addresses the potential volatility of CD rates and helps customers understand whether they need to act quickly or if they can expect some stability in the offered rates.
No, not all CDs at Berkshire Bank require a checking account relationship. The Personal Valiant CDs, for example, are available without the need for a checking account.