bank rates

Poof! Top 36-Month CD Rates Are Gone

Williamstown Savings Bank has lowered its rates on 36-month CDsSorry, savers.

We just learned that Williamstown Savings Bank has lowered its 36-month CD rates to 1.50% APY.

That’s right — the 2.25% APY we told you about just yesterday is now off the table.

We were afraid this might happen, and we share your frustration.

One thing: Please don’t misdirect that frustration at the good people at Williamstown Savings Bank.

If it weren’t for the greed of the big banks, savers wouldn’t have to chase after a small community bank with one location in northwest Massachusetts to find the best nationally available CD rates.

And if banks — especially the big ones — weren’t getting money virtually for free courtesy of the Federal Reserve, they might be forced to be competitive — instead of cheap.

We hope for a time when a small bank isn’t overwhelmed by an avalanche of calls for certificates of deposit — which carry CD rates, mind you, that would’ve once been considered mediocre, at best.

Those calls would go to banks with a multitude of branches and an army of customer service reps ready to take your money — and reward you with a decent, fair return.

But unfortunately, those big banks have no incentive to offer rates like the ones we post in communities big and small across the country.

And until they do, we fear situations like this will continue to happen.

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