Best CD Rates in Massachusetts

Certificate of Deposit rates is crucial for maximizing your investment over time. For residents of Massachusetts, navigating the range of options from local banks, credit unions, and online financial institutions can feel overwhelming.

However, with a bit of research, it is possible to uncover CD accounts that offer competitive interest rates. The rates provide a secure and profitable way to grow your savings.

Let’s explore the current landscape to help you find the best CD rates that align with your financial goals and time horizon.

Overall Best CD rates in Massachusetts

No.	Name of the Bank	APY %	Term Length	Address
1	Millbury National Bank	5.75%	3-month	18 Main St Millbury, MA 01527
2	American Airlines Federal Credit Union	5.50%	6-month	Terminal B Lower Level Rm 3153 Boston, MA 02128
3	Middlesex Savings Bank	5.25%	3-month	555 Plantation St Worcester, MA 01605
4	Colonial Federal Savings Bank	5.25%	6-month	1000 Southern Artery Quincy, MA 02169
5	Hanscom Federal Credit Union	5.25%	6-month	940 Belmont St Brockton, MA 02301
6	Jeanne D’Arc Credit Union	5.25%	6-month	196 Littleton Rd Westford, MA 01886
7	River Works Credit Union	5.25%	6-month	947 Western Ave Lynn, MA 01905
8	Leader Bank, National Association	5.23%	6-month	50 Northern Ave Boston, MA 02210
9	Metro Credit Union	5.20%	6-month	334 Watertown St Newton, MA 02458
10	Goldman Sachs Bank USA	5.15%	6-month	125 High St Boston, MA 02110
11	Haverhill Bank	5.13%	6-month	396 Main St Salem, NH 03079
12	Needham Bank	5.12%	3-month	857 Main St Millis, MA 02054
13	Pentucket Bank	5.08%	6-month	1085 Osgood St North Andover, MA 01845
14	Fall River Municipal Credit Union	5.00%	3-month	289 Milliken Blvd Fall River, MA 02721
15	Georgetown Bank	5.00%	6-month	75 Turnpike St North Andover, MA 01845
16	Sage Bank	5.00%	6-month	691 Rogers St Lowell, MA 01852
17	Wrentham Co-operative Bank	5.00%	6-month	1005 South St Wrentham, MA 02093
18	NorthEast Community Bank (MHC)	4.94%	3-month	281 Quincy Ave Quincy, MA 02169
19	Santander Bank, N.A.	4.88%	6-month	182A Cambridge St Burlington, MA 01803
20	Bristol County Savings Bank	4.75%	3-month	1 Chace Rd East Freetown, MA 02717
21	Digital Federal Credit Union	4.60%	6-month	1751 Massachusetts Ave Lexington, MA 02420
22	Massachusetts Institute of Technology Federal Credit Union	4.50%	3-month	84 Massachusetts Ave Cambridge, MA 02139
23	Wells Fargo Bank, National Association	4.50%	3-month	200 Berkeley St Boston, MA 02116
24	Digital Federal Credit Union	4.34%	3-month	2 Broadway Methuen, MA 01844
25	Santander Bank, N.A.	4.16%	3-month	2 Morrissey Blvd Dorchester, MA 02125
26	Watertown Savings Bank	4.05%	12-month	60 Main St, Watertown, MA 02472
27	Southbridge Savings Bank	4.04%	24-month	Online
28	Canton Co-operative Bank	4.01%	3-month	671 Washington St Canton, MA 02021
29	Gloucester Fire Department Credit Union	4.00%	3-month	8 School St Gloucester, MA 01930
30	Malden City Employees Credit Union	4.00%	3-month	200 Pleasant St Malden, MA 02148
31	Metro Credit Union	4.00%	3-month	135 William T Morrissey Blvd  Boston, MA 02125
32	MetroWest Community Federal Credit Union	4.00%	3-month	200 Concord St Framingham, MA 01702
33	Newton Teachers Credit Union	4.00%	3-month	125A Walnut St Newtonville, MA 02460
34	Transportation Federal Credit Union	4.00%	6-month	55 Broadway Cambridge, MA 02142
35	Belmont Savings Bank	4.00%	3-month	Online
36	Patriot Community Bank	4.00%	24-month	237 Lexington St, Woburn, MA 01801
37	Westfield Bank	4.00%	12-month	141 Elm St, Westfield, MA 01085
38	Bank of America, National Association	3.93%	3-month	1234 Boylston St Chestnut Hill, MA 02467
39	Boston Firefighters Credit Union	3.93%	6-month	60 Hallet St Dorchester, MA 02124
40	Reading Cooperative Bank	3.89%	12-month	180 Haven St, Reading, MA 01867
41	Bridgewater Savings	3.69%	24-month	756 Orchard St, Raynham, MA 02767
42	Liberty Bay Credit Union	3.68%	6-month	350 Granite St Braintree, MA 02184
43	The Savings Bank	3.68%	18-month	357 Main St, Wakefield, MA 01880
44	Merrimack Valley Credit Union	3.05%	6-month	500 Merrimack St, Lawrence, MA 01843
45	Winter Hill Bank	3.05%	12-month	342 Broadway, Somerville, MA 02145
46	PenFed Credit Union	3.00%	6-month	Online
47	Workers Credit Union	3.00%	6-month	454 Main St, Fitchburg, MA 01420
48	UniBank	3.00%	18-month	49 Church St, Whitinsville, MA 01588
49	Norwood Bank	3.00%	18-month	11 Central St, Norwood, MA 02062
50	StonehamBank	3.00%	12-month	80 Montvale Ave, Stoneham, MA 02180
51	Boston Firefighters Credit Union	2.75%	36-month	60 Hallet St, Dorchester, MA 02124
52	First Republic Bank	2.70%	48-month	160 Federal St, Boston, MA 02110
53	Leader Bank	2.70%	18-month	180 Massachusetts Ave, Arlington, MA 02474
54	Weymouth Bank	2.68%	24-month	Online
55	Century Bank	2.60%	3-month	400 Mystic Ave, Medford, MA 02155
56	Avidia Bank	2.50%	12-month	42 Main Street, Hudson, MA 01749
57	MutualOne Bank	2.50%	36-month	828 Concord St, Framingham, MA 01701
58	North Easton Savings Bank	2.50%	6-month	295 Main St, North Easton, MA 02356
59	Liberty Bay Credit Union	2.25%	3-month	350 Granite St Braintree, MA 02184
60	BayCoast Bank	2.00%	6-month	330 Swansea Mall Dr, Swansea, MA 02777
61	Hanscom Federal Credit Union	1.25%	3-month	427 Commercial St Boston, MA 02109
62	Mechanics Cooperative Bank	1.07%	24-month	308 Bay St, Taunton, MA 02780
63	United Bank	1.02%	36-month	Online
64	Flagstar Bank	1.00%	60-month	Online
65	Winchester Savings Bank	0.98%	60-month	661 Main St, Winchester, MA 01890

Current CD Rates of Massachusetts

With the financial landscape constantly evolving, these rates offer a glimpse into the savings market. It enables individuals to lock in guaranteed returns on their deposits. Given the fluctuating nature of interest rates, securing a competitive CD rate can provide a stable and predictable source of income.

Best 6 Month CD Rates

 For those seeking a short-term investment with a quick return, the best 6-month CD rates in Massachusetts offer an attractive option.

1. Bask Bank

Minimum Amount: $1000.00

APY / Rate: 4.45% APY

Pros:

• FDIC approved Bank
• Terms available from 6-24 months
• Top-tier APY rate with secured return guaranteed
• Customer-friendly terms

Rules:

• New customers have to open an account with the bank before investing in Bask Bank’s CDs.
• CDs can be opened at the bank as well as online
• The minimum deposit amount of $1000 must be deposited to the account within 10 days of account opening
• Early withdrawal is subject to a penalty.
• Investors can withdraw the interest credited to the account without any penalty.
• There is a 10 days grace period after maturity to make additional deposits to the CD.

2. First Internet Bank of Indiana

Minimum Amount: $1000.00

APY / Rate: 4.39% APY

Pros:

• Online-only CD options are available
• Highly competitive CD rates in a 1-year term
• Early withdrawal penalties are decent
• FDIC insured bank with investment covered to the max
• Terms ranging from 3 months to 5 years

Rules:

• Interest on CDs is compounded monthly and added to the account at the month’s end.
• Early withdrawal incurs a penalty amounting to:
  1- 90 days interest for a 3-month term
  2- 180 days interest for a 6-18 month term
  3- 365 days interest for 24-60 month term

Best 2 Year CD Rates

Securing the best 2-year CD rates means locking in a competitive interest rate for a medium-term period. This option is well-suited for individuals in Massachusetts looking to grow their savings with a bit more patience.

1. USALLIANCE Financial

Minimum Amount: $500.00

APY / Rate: 4.85% APY

Pros:

• No monthly maintenance fees or No minimum balance requirements.
• A free monthly credit score
• You can select the term that’s right for you: 3-60 months
• You can Choose the rate that best meets your financial goals.
• Dividends are compounded daily and credited monthly
• Open With as Little as $500
• Choose the amount that fits your budget

Rules:

• To open a CD with USALLIANCE Financial, As of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• USALLIANCE Financial offers CDs with terms ranging from 3 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• USALLIANCE Financial offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid out at the end of the term.
• If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 540 days of interest.
• Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
• USALLIANCE Financial is a federally insured credit union, which means that your deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor.

2. America’s First Credit Union

Minimum Amount: $500.00

APY / Rate: 4.75% APY

Pros:

• Low minimum deposits and high yields
• Automatic renewals
• NCUA insured up to $250,000
• Terms from three months to five years

Rules:

• To open a CD with AFCU, you must deposit a minimum amount of money, which varies depending on the term length of the CD. For example, as of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• AFCU offers CDs with terms ranging from 6 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• AFCU offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid monthly, and the rate is fixed for the term of the CD.
• If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 365 days of interest.
• Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
• FDIC insurance: AFCU is a federally insured credit union, which means that your deposits are insured

Best 3 Year CD Rates

Opting for the best 3-year CD rates allows investors to benefit from higher interest earnings than shorter-term CDs. It is an excellent strategy for those with a medium-term financial horizon.

1. Alliant Credit Union

Minimum Amount: $1000.00

APY / Rate: 4.60% APY

Pros:

• Funds are insured up to $250,000 by NCUA
• Low minimum deposit of only $1,000; no maximum
• Great dividend rates

Rules:

• Dividends compounded every month and at maturity.
• Incur an early withdrawal penalty
• us alliance federal credit union

2.  USALLIANCE Federal Credit Union

Minimum Amount: $500.00

APY / Rate: 3.40% APY

Pros:

• No monthly maintenance fees or no minimum balance requirements.
• A free monthly credit score
• You can select the term that’s right for you: 3-60 months
• You can Choose the rate that best meets your financial goals.
• Dividends are compounded daily and credited monthly
• Open With as Little as $500
• Choose the amount that fits your budget

Rules:

• To open a CD with USALLIANCE Financial, As of February 2023, the minimum deposit for a 6-month CD is $500, while the minimum deposit for a 60-month CD is $1,000.
• USALLIANCE Financial offers CDs with terms ranging from 3 months to 60 months. The longer the term, the higher the interest rate you’ll earn on your deposit.
• USALLIANCE Financial offers competitive interest rates on its CDs, with rates varying depending on the term length and the amount of the deposit. Interest is compounded and paid out at the end of the term.
• If you withdraw money from your CD before the maturity date, you’ll be subject to an early withdrawal penalty, which varies depending on the term length of the CD. For example, as of February 2023, the penalty for withdrawing money from a 60-month CD before maturity is 540 days of interest.
• Unless you specify otherwise, your CD will automatically renew at maturity for another term of the same length. You’ll have a 10-day grace period after maturity to withdraw the funds without penalty.
• USALLIANCE Financial is a federally insured credit union, which means that your deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor.

Best 5 Year CD Rates

The best 5-year CD rates stand out for offering the highest interest returns among standard CD terms.

1. Popular Direct

Minimum Amount: $10000.00

APY / Rate: 4.55% APY

Pros:

• Highly competitive rates for 6-month CDs
• 24/7 access to the bank account
• No hidden fees or charges
• Customer support for all sorts of queries and concerns
• FDIC insured bank up to maximum

Rules:

• APY can be earned assuming the interest and the principal remains on deposit until maturity.
• Interest is compounded monthly and added to the account at the end of the month.
• Early withdrawal fetches a penalty and there is a grace period after maturity to add additional funds to the CD

2. Marcus by Goldman Sachs

Minimum Amount: $500.00

APY Rate: 4.50% APY

Pros:

• Hassle-free and Instant account opening
• Customer support avail all seven days of a week

Rules:

• CD rate can change at any time and hence customers are required to check the prevailing rates
• Interest is added to the principal at every month’s end
• It can be withdrawn without any penalty

Massachusetts Economic Statistics

Massachusetts, with its vibrant economy and diverse population , presents a unique landscape for investors and savers alike. The state boasts an impressive average household income, reflecting its strong job market and high concentration of industries ranging from technology to education.

Specifically, the average household income in Massachusetts stands at approximately $89,000, showcasing the financial stability of its residents.

Furthermore, the average home value in the state has seen a steady increase, reaching around $529,000, indicating a robust and growing real estate market.

With a population of nearly 7 million people, Massachusetts offers a dynamic economic environment for those looking to invest in CDs.

Economic Indicator	Statistic
Average Income	Approximately $89,000
Average Home Value	Approximately $529,000
Population	Nearly 7 million people

The combination of a well-off population, appreciating home values, and a sizable market suggests that securing the best CD rates could be a wise move for investors to capitalize on the state’s economic strengths.

How to Get Best CD Rates in Massachusetts

Securing the best CD rates in Massachusetts involves a strategic approach, combining thorough research and timing.

• Start by comparing rates offered by a wide range of financial institutions, including both traditional banks and credit unions, as well as online banks, which often offer higher rates due to lower overhead costs.
• Consider factors such as the minimum deposit required, early withdrawal penalties, and the financial stability of the institution.
• Staying informed about the overall economic environment and Federal Reserve rate changes can also help you anticipate shifts in CD rates, allowing you to lock in a rate at an opportune moment.

Additionally, leveraging brokered CDs and special promotional rates can further optimize returns on your investment.

CD Rates Methodology

Our methodology for identifying the best CD rates in Massachusetts involved an exhaustive review of 89 banks, spanning local credit unions, national banks, and online institutions. To ensure a comprehensive comparison, we examined each bank’s CD offerings, including interest rates, term lengths, minimum deposit requirements, and early withdrawal penalties.

Out of these, 65 banks made the list, distinguished by their competitive rates, favorable terms, and strong customer service ratings. This selection process is designed to provide potential investors with a list of the best CD rates available in the state. It further facilitates informed decision-making for maximizing savings growth.

Conclusion

By focusing on these key strategies and leveraging the insights provided by thorough research, individuals can effectively navigate the complexities of the CD market. Ultimately, the people can secure the best possible rates to enhance their financial portfolio and achieve their savings goals in Massachusetts.

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