Century Bank Massachusetts Certificates Deposit

Century Bank Massachusetts Certificates Deposit Review

Century Bank Massachusetts Certificates Deposit are offered by Century Bank of Massachusetts, a bank founded in 1969 and based in Somerville, MA. Century Bank Massachusetts Certificates Deposit are available in 1 state across the USA.

Key Takeaways

• Only one CD account type available. Century Bank Massachusetts Certificates Deposit only offers traditional CD accounts.
• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.5%, which is much higher than the national average for a CD account.
• $500 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. Century Bank Massachusetts Certificates Deposit allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of Century Bank Massachusetts Certificates Deposit

Century Bank Massachusetts Certificates Deposit FAQ

Are CDs from Century Bank of Massachusetts federally insured?

Yes, your Century Bank of Massachusetts CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #19943). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does Century Bank of Massachusetts offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.

What CD rates does Century Bank of Massachusetts offer on its CDs?

Century Bank Massachusetts Certificates Deposit offers an APY starting at 0.1% and ranging up to 0.5%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with Century Bank of Massachusetts?

Century Bank Massachusetts Certificates Deposit requires a minimum deposit of $500 to open an account.

What is the grace period for Century Bank Massachusetts Certificates Deposit?

Century Bank Massachusetts Certificates Deposit does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Century Bank Massachusetts Certificates Deposit charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

Century Bank of Massachusetts does not charge an early withdrawal fee.

Century Bank of Massachusetts does charge any of the fees we track.