Central Bank
Central Bank is a small bank headquartered in Somerville, MA. The bank operates 11 branches in 1 state (Massachusetts). Central Bank has deposits of $361.3 million, and was established in January 1915.
This bank is FDIC insured - all deposits are protected for up to $250,000. Products offered by the bank include: Special IRA CD, Special CD, Business CD, Central Premium MMA, Ideal Money Market and Free Statement Savings.
Current Central Bank Rates
| Name | Term | APY | Min Deposit | |
| Special IRA CD | 30 months | 1.35 % | $500 | |
| Special CD | 30 months | 1.35 % | $1,000 | |
| 22 months | 1.10 % | $1,000 | ||
| Business CD | 30 months | 1.35 % | $1,000 |
About Central Bank
Central Bank, whose legal name is Central Co-Operative Bank, was founded in 1915 as a Massachusetts chartered co-operative bank to provide savings deposits and originate mortgage loans.
In 1999, Central Bancorp, Inc., became the holding company for Central Bank. Central Bank is a full-service community banking operation that provides a variety of deposit and lending services --- including savings and checking accounts for retail and business customers, mortgage loans for constructing, purchasing and refinancing residential and commercial properties, and loans for education, home improvement and other purposes.
The Bank operates nine full-service offices in the Massachusetts communities of Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose, and Woburn (two branches). The Bank also operates a branch at Woburn High School that is available only for faculty, staff and students of the school, and a stand alone 24-hour automated teller machine in Somerville.