Cornerstone Bank offers Certificates of Deposit with a minimum of $500 to open. Rates differ depending on the length of time from deposit to maturity. 

Formed in 2017, Cornerstone Bank is the marriage of two historical community banks into one. SpencerBANK and Southbridge Savings Banks have served the citizens of Central Massachusetts since 1871 and 1848, respectively. With a home base in Worcester, Massachusetts, the operations of the bank extend to 13 branches. 

Cornerstone Bank employs a community-based banking model with a focus on building trust and community.

Certificates of Deposit are available with a minimum of $500 to open and a $0.01 minimum balance to earn AYP (Annual Percentage Yield). 

  • 6-month certificate – 0.25% AYP
  • 8-month certificate – 1.75% AYP
  • 12-month certificate – 0.25% AYP
  • 15-month certificate – 2.00% AYP
  • 18-month certificate – 0.75% AYP
  • 22-month certificate – 2.15% AYP
  • 24-month certificate – 0.75% AYP
  • 30-month certificate – 0.75% AYP
  • 36-month certificate – 0.75% AYP
  • 38-month certificate – 1.75% AYP
  • 47-month certificate – 1.75% AYP
  • 48-month certificate – 0.75% AYP
  • 57-month certificate – 1.75% AYP
  • 60-month certificate – 0.75% AYP

Saving through CDs is a popular way to save because interest is guaranteed. By keeping money within the CD for a certain period of time, savers receive the maximum amount in return.

Those who choose Cornerstone Bank as a source for Certificates of Deposit should expect a $500 minimum on deposit. Additionally, Cornerstone Bank does not charge a monthly service fee, and earned interest is always ready for withdrawal without penalty. When the certificate reaches maturity, changes can be made to terms, and partial withdrawals can be made. This choice may reduce earnings, though.  For early withdrawal, a penalty will be assessed. 

It is also important to note that if savers who allow their CDs to auto-renew have less than $500 on deposit, the certificate will not draw interest.

Certificates of Deposit inquiries are available for free via telephone and online browser, and Cornerstone Bank’s certificates are backed by the FDIC and the DIF. The above described rates are accurate as of 2/10/2020 and are subject to change. 

Cornerstone Bank also offers various financial products including checking and savings accounts, IRAs, consumer loans, Home Equity loans and HELOCs, and mortgage products. 

Businesses can also find the savings and checking accounts, commercial loans, money market services, and commercial services they need for success. 

Customers of Cornerstone Bank also benefit from:

  • Online Banking and Bill Pay
  • Mobile Banking
  • Telephone Banking
  • AutoPay
  • Digital Wallet
  • ClickSWITCH
  • eBills
  • eStatements
  • Overdraft Protection
  • Kasasa Protect
  • Reorder Checks
  • Personal Credit Card
  • Debit Mastercard and ATM card
  • ATMs accessible at many locations
  • Safe Deposit Boxes
  • Personal Money Orders
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