Florence Savings Bank offers a variety of Certificate of Deposit options, providing customers with a secure and reliable means of growing their savings. As a community-focused financial institution, Florence Savings Bank is dedicated to helping individuals achieve their financial goals through competitive CD rates and personalized services.

Let’s have a deeper analysis in the section next

Florence Savings Bank CD Rates Offers

The considerable CD offers of Florence Savings Bank are as follows;

3 Month CD

  • Annual Percentage Yield (APY): 1.00%
  • Annual Interest Rate: 1.00%
  • Minimum Balance To Open: $500
  • Minimum Balance To Obtain The APY: $500


  • A short-term option ideal for those looking for quick returns.

Pros & Cons

Quick returns with 1.00% APYLow APY compared to longer-term options

6 Month CD

  • APY: 1.50%
  • Annual Interest Rate: 1.49%
  • Minimum Balance To Open: $500
  • Minimum Balance To Obtain The APY: $500


  • Strikes a balance between short-term gains and flexibility.
  • Online Banking enables easy monitoring of your CD’s performance.

Pros & Cons

Competitive 1.50% APYModerate APY compared to longer-term options
Accessible with $500 minimum depositLimited flexibility due to short-term nature

7 Month Easy-Out CD

  • APY: 4.00%
  • Annual Interest Rate: 3.93%
  • Minimum Balance To Open: $5,000


  • Combines competitive returns with the option for early withdrawals.
  • Requires a higher opening deposit of $5,000 for increased interest rates.

Pros & Cons

High 4.00% APYHigher minimum opening deposit of $5,000
Flexibility with penalty-free withdrawalsLower APY compared to longer-term options

12 Month CD

  • APY: 0.20%
  • Annual Interest Rate: 0.20%
  • Minimum Balance To Open: $500


  • A conservative choice for steady, predictable growth over a one-year period.
  • Fixed interest rate ensures stability throughout the 12-month term.

Pros & Cons

Predictable growth with 0.20% APYLow APY compared to longer-term options
Affordable $500 minimum depositStill a relatively short-term commitment

How do Florence Savings Bank CD Rates Compare?

Florence Savings Bank’s CD rates demonstrate a mix of competitive offerings across various terms. The bank appears to cater to different investor preferences, offering both short-term options for those seeking quick returns and longer-term choices for individuals prioritizing stability. 

While some of the shorter-term CDs may have relatively lower APYs, they are complemented by accessible minimum deposit requirements. The 7-Month Easy-Out CD, with a 4.00% APY, stands out as a particularly competitive option for those willing to commit to a slightly longer term.

Are Florence Savings Bank CD Rates Competitive?

Florence Savings Bank offers a range of Certificate of Deposit (CD) options with varying terms and interest rates. When evaluating the competitiveness of these CD rates, several factors come into play.

In the short-term category, the 3-month CD stands out with a 1.00% Annual Percentage Yield (APY), providing a quick return on investment. However, it’s essential to note that the APY is relatively lower compared to longer-term options. For those seeking a balance between short-term gains and flexibility, the 6-month CD offers a competitive 1.50% APY. It strikes a middle ground between quick returns and a slightly more extended commitment.

The 7-Month Easy-Out CD, with an impressive 4.00% APY, introduces flexibility with penalty-free withdrawals, catering to investors who value accessibility. However, the higher minimum opening deposit of $5,000 may be a consideration. In the longer-term spectrum, the 12-month CD provides a conservative option with a 0.20% APY, ensuring stable and predictable growth over one year.

Overview Florence Savings Bank

Florence Bank goes way back to 1873. Our bank starts in our community and our community needs. In 2020, we raised and donated nearly $100,000 for people facing food insecurity, including organizations like Lorraine’s Soup Kitchen and Pantry. This helped human services programs like Lorraine’s, who were otherwise largely unable to do fundraisers during the COVID pandemic. 

These organizations saw an additional 200-300 families per week with financial and food issues that needed help. We’ve also given donations of $1,000 or more to multiple charities, organizations, and churches that are fighting homelessness and food insecurity for the past year.

One of our biggest goals beyond helping with food issues in our community is financial education and literacy. Our mission as a bank is to help all of our customers achieve their financial goals. 

This can range from simply helping a customer finance a vehicle to get their kids to activity and themselves to work, to adding on to their home or renovating. These projects require cash and we are happy to help them develop themselves and our community. Come to Florence Bank or visit our website for more information on opening an account.


Before you open your certificate of deposit, we will talk to you about how to become a member then open a checking or savings account. The purpose of the checking or savings account is to have somewhere to deposit your interest earnings.

Locations Florence Savings Bank 

Florence Saving Bank has 12 branches in Hampshire and Hampden counties and a larger ATM network for fast, easy, and free ATM withdrawals throughout the area.

Frequently Asked Questions

What is the minimum deposit required to open a Florence Savings Bank CD?

The minimum deposit to open a Florence Savings Bank CD varies by term. In most cases, it starts at $500.

Can I withdraw funds from a 7-month Easy-Out CD without penalties?

Yes, the 7-Month Easy-Out CD allows penalty-free withdrawals of the principal every 7 days, providing flexibility for account holders.

How often are interest rates on Florence Savings Bank CDs updated?

Florence Savings Bank’s CD rates are subject to change without notice. So for the most authenticated overview, it is required to check the current rates from the official sites before making any investment decisions.

Are Florence Savings Bank CDs FDIC-insured?

Yes, deposits in Florence Savings Bank CDs are fully insured by the Federal Deposit Insurance Corporation (FDIC) and also have coverage from the Depositors Insurance Fund (DIF).