Cambridge Bank, founded in 1854, is based out of Cambridge, Massachusetts and has their flagship branch in Harvard Square.

They are one of the oldest and largest community banks in the state with over $6 billion in assets.

They’re a full service bank offering banking products to individuals, small businesses and corporations, however, for the purpose of this review we will only cover their CDs (certificates of deposits) offered to individual consumers.

With the FED continuing to lift rates into 2023, Cambridge Savings Bank has maintained competitive CD rate “Specials” that are beating the national average by significant margins.

To see if Cambridge Savings Bank and their CD rates are right for you, continue reading our review below.

📌 Please Note: The CD Specials are only available to residents in the state of Massachusetts. CSB’s less competitive, standard CDs are available for consumers in all states.

Cambridge Savings Bank CD Rates + Account Details

CSB offers 6 standard CDs with terms ranging from 3 months to 5 years and 3 CD Specials that come with higher yields and oddball terms of 14, 17 and 31 months.

As noted, their CD specials are only available to residents in MA and their standard CDs are available to residents in all states. Both accounts can be opened either online or through a local branch.

🔎 Related: Back in 2021, Cambridge Savings Bank launched an FDIC-insured, online subsidiary called Ivy Bank. Ivy Bank offers competitive CD rates to consumers in all 50 states. Check out our review of Ivy Bank to see if their products are a better fit for you.

All of their CDs require a minimum deposit of $1,000 to open and are federally insured by the FDIC up to the applicable limits.

(Special) CD Rates

*Only available in MA.

To put these yields into perspective the national average for 12 month and 36 month CDs sits at 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, there are a number of FDIC-insured, online banks with nationwide acceptance offering yields above 4.60% APY on both terms in 2023.

(Standard) CD Rates

*These products are available to consumers throughout the country.

The CD rates listed above (both Standard and Special) are accurate as of February 2, 2023.

Compounding and Crediting Interest

All of Cambridge Savings Bank’s CDs come with interest that is both compounding and credited monthly.

By default your interest payments will be credited back to your CD account each month for further compounding, however, you may elect to have these interest payments sent to another CSB account instead. This may be beneficial to those living off of interest payments.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD, CSB will provide you with a 10 calendar-day grace period in which you may modify your CD or close it out without incurring any early withdrawal fee.

If nothing is done during the grace period, your CD will automatically renew into a new CD with the same term and the going APY (annual percentage yield) at that time.

📌 Please Note: For the CD Specials, both the 14 and 17 month terms will renew into a standard 12 month CD and the 31 month Special will renew into a standard 24 month CD if nothing is done during the grace period.

If you need access to the funds in your CSB CD prior to its maturity you will incur an early withdrawal fee. Their fee structure is as follows:

You can learn more in their Truth in Savings disclosure.

How to Open and Fund the CD

You can open any CD either in a local branch or online. Please have the following information handy so that you can complete the process:

Personal Information:

• full legal name
• email
• phone
• address
• social security number
• drivers’ license

Once you’ve set up the CD account you’ll need to fund it. If you’re funding the account from an external bank, you’ll need the following information:

• current bank or credit union’s routing number
• bank account number where funds will be withdrawn from