• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

MENUMENU
  • Saving and Spending
    • CDs
      • CD Rates Forecast 2022 – Will Rates Go Up in October and November?
      • Capital One CD Rates
      • Ally Bank CD Rates
      • Chase CD Rates
      • Citibank CD Rates
      • Discover Bank CD Rates
      • US Bank CD Rates
      • Fidelity CD Rates
      • Edward Jones CD Rates
      • Charles Schwab CD Rates
      • Navy Federal Credit Union CD Rates
      • Vanguard CD Rates
    • Savings
      • Best High Yield Online Savings Accounts for 2023
      • Affirm Savings
      • Aspiration Spend & Save
      • Bask Bank High Interest Savings
      • Citi Accelerate Savings
      • Citizens Access Online Savings Account – 2.35% APY!
      • Fitness Bank Savings Review – Now up to 3.60% APY!
      • LendingClub High Yield Savings – Now 2.75% APY!
      • Smarty Pig
      • Synchrony High Yield Savings Account – Now 2.45% APY!
      • UFB Direct Savings Account – Now 3.01% APY!
      • Alternatives to CDs and Savings
    • Checking & Debit
      • 25+ Best Debit Cards for Kids & Teens [December, 2022]
      • Best Bank Promotions & Cash Bonuses for 2022
      • Citibank Checking Account Bonuses
      • Huntington Bank Bonuses
      • PNC Bank Bonuses
      • Truist Bank Bonuses
      • Wells Fargo Checking Account Bonus
      • Chase First Banking
      • Fidelity Youth Account
      • Verizon Family Money
      • Copper Banking
      • BusyKid
      • Greenlight
  • Investing
    • Real Estate
      • Top 8 Real Estate Crowdfunding Platforms for 2022
      • Yieldstreet Review 2022 – 9.71% Avg Annual Returns
      • CrowdStreet
      • Fundrise Review: Compare Annual Returns vs Competitors
    • Stocks & More
      • Best Stock Screening Service
      • MotleyFool
      • Stansberry Research
      • Seeking Alpha
      • Zacks Investment Research
      • Citi Personal Wealth Management
      • Robinhood Cash Management
      • Fidelity Cash Management
You are here: Home / CD Rates / Needham Bank CD Rates – Now up to 4.25% APY!

Needham Bank CD Rates – Now up to 4.25% APY!

editorial staff
January 18, 2023

Needham Bank is a small regional Bank based out of Massachusetts with 12 branches in the greater Boston and MetroWest area. They are a community-focused bank and have been since their inception in 1892 working out of the Needham Public Library.

That said, as of 2023 they now offer a suite of CDs (certificates of deposit) available to consumers throughout the country which can all be opened and managed online.

While many of their CDs come with fairly lackluster yields, they introduced a promotional 9 month CD in January that comes with an APY (annual percentage yield) that is quite competitive.

To see if Needham Bank and their CDs are right for you, continue reading our review below.

In this post you'll learn:

  • Needham Bank CD Rates + Account Details
  • CD Rates
  • Grace Period and Early Withdrawal Fees
  • Opening and Managing Your CD
  • Other Deposit Accounts Offered by Needham Bank

Needham Bank CD Rates + Account Details

image credit: needhambank.com

Needham Bank is member FDIC and all deposits are federally insured up to $250,000 per depositor.

Neeham offers both standard CDs and IRA CDs. Standard CDs come with a minimum deposit requirement of $1,000 and IRA CDs come with a minimum deposit requirement of just $250.

Both IRA CDs and Needham’s standard CD currently come with the same rates and terms. Terms range from 6 months to 5 years.

CD Rates

CD TermAPY
3 months0.50%
6 months1.00%
9 months4.25%
12 months1.25%
18 months1.75%
24 months2.00%
36 months2.10%
48 months2.20%
50 months2.25%
APY = Annual Percentage Yield

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

That said, some of the top yields offered by online banks and nationally available credit unions are now inching over 4.50% and 4.20% APY on the same respective terms.

Grace Period and Early Withdrawal Fees

Upon the maturity of your CD, Needham Bank provides you with a 10 calendar-day grace period in which you may modify your CD (either by deposit size or term) or close it out entirely. If nothing is done during this period, your CD will automatically renew with the same term and the going APY at that time.

If you need access to your funds prior to maturity, an early withdrawal penalty will be applied. They don’t outline the penalty on their website nor do they offer a “Truth in Savings” disclosure form.

Opening and Managing Your CD

All of Needham Bank’s CDs can be opened online and managed either online through their website or their consumer banking app for IOS and Android.

📌 Please note: Be sure to download the personal banking app and not their business banking app.

To open the CD, you’ll need the following:

  • phone number
  • email address
  • physical address
  • social security number
  • drivers license (you will scan this in the application process)

To fund the CD, you’ll need the following:

  • Current bank or credit union routing number
  • Account number where the funds will be withdrawn from

Other Deposit Accounts Offered by Needham Bank

Needham Bank offers other deposit accounts besides fixed rate CDs. They also offer:

  • a personal checking account
  • a “Statement” savings account
  • money market accounts (both standard and for IRAs)

The personal checking account can be opened with just $10 and comes with complimentary checks. It also comes with zero fees, has cash back rewards and provides a variable interest rate of just 0.05% APY.

The Statement Savings account can also be opened with just $10 and provides the same APY of 0.05%.

The money market accounts have no minimum deposit requirements but interest rates are tiered based on your balance amount. See the table below for tiers and rates.

BalanceAPY
$0 – $24,999.990.10%
$25k – $49,999.990.15%
$50k – $99,999.990.25%
$100k +0.30%
APY = Annual Percentage Yield

To put the yields above into perspective, the current national average for a money market account sits at just 0.44% APY, however, the best yields from online banks are topping 4.00% APY.

All of the deposit accounts offered by Needham Bank (other than their CDs) come with variable rates that may change at any time.

Needham Bank’s CDs, checking account, savings account and money market accounts can all be opened online by consumers in all 50 states or in a branch for local customers (locate branches here).

ABOUT THE AUTHOR

editorial staff: A group of savers, investors, side-hustlers and entrepreneurs serve the editorial team with a combined 20 years experience in entrepreneurship, banking and blogging.
Read More

Filed Under: CD Rates

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

APY Updates

  • Ivy Bank Review – Deposit Rates up to 4.85% APY!
    January 27, 2023
  • Best CD Rates in New Jersey – Up to 4.60% APY!
    January 26, 2023
  • PenFed Credit Union CD Rates – Now up to 4.70% APY!
    January 26, 2023
  • Capital One CD Rates – Now up to 4.30% APY!
    January 25, 2023
  • Ameriprise Financial CD Rates – Now up to 4.40% APY!
    January 24, 2023
  • Webster Bank CD Rates – Now up to 4.25% APY!
    January 23, 2023
  • Flagstar Bank CD Rates – Now up to 4.00% APY!
    January 23, 2023

The Big Banks

  • Bank of America CD Rates
  • Capital One CD Rates
  • Citibank CD Rates
  • Chase Bank CD Rates
  • Wells Fargo CD Rates
  • U.S. Bank CD Rates

Noteworthy Credit Unions

  • Navy Federal Credit Union CDs and Savings
  • Patelco Credit Union CDs and Savings
  • PenFed CDs and Savings
  • Connexus Credit Union CDs and Money Market

Brokered CDs

  • Edwards Jones
  • Charles Schwab
  • Fidelity
  • Vanguard

Alternatives

  • 12 Alternatives to CDs and Savings Accounts

Real Estate Investment Platforms

  • Fundrise - up to 22% Returns
  • CrowdStreet - up to 17.1% Returns
  • Yieldstreet - Avg 10.61% Returns

Footer

Disclaimer

APY GUY strives to keep its information as accurate and up to date as possible. This information may be different than what you see at a bank, credit union or other financial institution. This applies to both in person visits and their website(s). Any financial products or services represented or discussed on this website are without warranty. When evaluating offers viewed on APYGUY.com, please read the financial institution’s Terms and Conditions.

About Us. Privacy Policy. Terms Of Use. How We Make Money.

Categories

Connect with Us:

  • Email
  • Facebook
  • LinkedIn
  • Twitter

Know of a fantastic APY offered by your local bank or credit union?

Don’t be shy, please share!

Send an email to hello@apyguy.com with the name of the institution, rate (APY) and type of product.

Our editorial staff will confirm the product, rate and APY (annual percentage yield) with the institution and publish it immediately for our viewers.

Copyright © 2023 - APYGUY: Maximize Your Savings & Earnings

Home>CD Rates>Needham Bank CD Rates – Now up to 4.25% APY!