Headquartered in Boston, Berkshire Bank operates 113 branch locations in Massachusetts, New York, Connecticut, Vermont, New Jersey and Pennsylvania. It offers five different term lengths for certificates of deposit (CDs), and its rates are competitive with some of the best CD rates we’ve seen. All Berkshire CDs have a $1,000 minimum deposit requirement, which could deter some bankers who are looking to invest smaller sums.
If you have an existing checking account with Berkshire Bank and you have either a balance of $5,000 or a direct deposit connected to the account, then you’ll qualify for even higher rates. With a qualifying checking account, the rates will be higher than the standard rate.
To calculate how much interest you could earn with a CD, try using SmartAsset's CD calculator.
| Term Length | Minimum Deposit | APY | |
| 3 Month | $1,000 | 0.05% | Compare CD Rates |
| 6 Month | $1,000 | 0.10% | Compare CD Rates |
| 12 Month | $1,000 | 0.15% | Compare CD Rates |
| 18 Month | $1,000 | 0.35% | Compare CD Rates |
| 30 Month | $1,000 | 0.35% | Compare CD Rates |
| 36 Month | $1,000 | 0.35% | Compare CD Rates |
| 48 Month | $1,000 | 0.35% | Compare CD Rates |
| 60 Month | $1,000 | 0.50% | Compare CD Rates |
| 72 Month | $1,000 | 0.50% | Compare CD Rates |
| 7 - 10 Year | $1,000 | 0.50% | Compare CD Rates |
Overview of Berkshire Bank CD Rates
One feature that sets Berkshire Bank CDs apart from the standard CD account is the ability to make additional contributions to your investment during the term. As long as you’re contributing at least $250, you can make one additional deposit during the first six months of the 13-month CD. If you purchase a longer term, you can make unlimited deposits (of at least $250) during the first six months of the term.
If you find that you need some or all of your principal deposit back before your maturity date, then you’ll have to fork over some of the interest you’ve earned. With Berkshire Bank CDs, the early withdrawal penalty is usually six months' interest.
Once your CD reaches its maturity, you will have a grace period of seven days to withdraw your money or alter the term length of the CD. If you choose to do nothing, the bank will automatically renew you for another CD of equal term length. If the interest rate for that CD has changed since your initial purchase, your new CD will use the new interest rate.
How Much You Earn With a Berkshire Bank CD Over Time
Because the Berkshire Bank CD Rates are so competitive, you have the opportunity to earn a fair bit of interest, especially if you deposit several thousand dollars. While most banks will have higher rates associated with longer term lengths, Berkshire Bank’s lowest rate is actually for its 20-month CD. Because of this, unless you need your money in exactly 20 months, it would make more sense for you to purchase a 13-month CD and then let it renew.
Interest for all Berkshire Bank CDs compounds daily and is credited to your account every month. The calculations below were made with the assumption that no interest is withdrawn during the term of the CD.
| Initial Deposit | 13 Month Promo CD | 36 Month CD | 60 Month CD |
| $1,000 | $1,044.49 | $1,010.54 | $1,025.25 |
| $2,500 | $2,611.23 | $2,526.34 | $2,563.13 |
| $5,000 | $5,222.46 | $5,052.68 | $5,126.26 |
| $10,000 | $10,444.92 | $10,105.37 | $10,252.51 |
How Berkshire Bank CD Rates Compare to Other Banks'
Berkshire Bank CDs are among some of the most competitive rates we’ve seen, especially when only considering other brick-and-mortar establishments. The rates are comparable with those at M&T Bank, another regional bank in the Northeast, and they greatly outshine those at large, national banks like Chase. They’re even right up there with the rate at exclusively online banks like Ally, which makes them very attractive to those who prefer to bank in person.
The figures below are according to the assumption that you’re making a $1,000 deposit and that you don’t have a qualifying Berkshire Bank or Chase checking account.
| Term Length | Berkshire Bank | M&T Bank | Chase | Ally |
| 12 Month | 0.15% | - | 0.01% | 4.80% |
| 18 Month | 0.35% | - | 0.01% | 4.50% |
| 60 Month | 0.50% | - | 0.01% | 3.90% |
Compare Berkshire Bank to Other Competitive Offers
Should You Get a Berkshire Bank CD Account?
Berkshire Bank’s CD Rates are competitive with rates at just about any other bank out there. If you are looking to deposit at least $1,000 and you live in the Northeast, a Berkshire Bank CD is a great option to consider. If you already have a Berkshire Bank checking account, then these become even more attractive.
All Berkshire Bank CDs require you to visit a branch location, so if you don’t live in the Northeast or you’re looking to do your banking online, then you will be better served to check out an online establishment like Ally. No matter where you choose to open your CD, make sure you’re watching out for any fees or expenses that could eat into your return.
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