If you’ve been on the hunt for competitive CD rates, you will want to check out what’s being offered at East Boston Savings Bank . They have a special promo CD earning an impressive 2.00% APY, and the period only lasts for 19 short months. All you have to do is deposit a minimum of $1000, and you’ll be reaping the financial rewards of this account. There are catches, though.

One of them is that this money in the bank deal is only available locally. Also, clients will have to visit one of the bank’s branches to open an account. No online applications are available, probably because the bank wants to make sure that the clientele for this account is limited to those living in MA. Their branches dot Boston and the areas surrounding the city, so if you live there, these should be easy to spot.

The more visible branches, though, are along Meridian St. in Maverick Square, One Bennington St. in Central Square, Bennington St. in Orient Heights, and Bennington St. in Day Square. Bank hours are usually between 9:00 AM and 4:00 PM between Mondays and Wednesdays, 9:00 AM and 6:00 PM every Thursdays and Fridays, and 9:00 AM to 12:30 PM on Saturdays. If you really want to make sure, you can call up the nearest branch.

Last year, East Boston Bank made waves with even more competitive rates. That was back when it was still a purely online bank. Now, the rates have dropped significantly, but they’re still attracting quite a lot of account holders.

For a new bank, they’re doing quite well, offering one of the highest CD rates in the market. The bank’s rating for soundness and safety is satisfactory. It earned a 3.5 stars rating from BauerFinancial.com and 3 stars from Bankrate.com.

CD rates usually change, though, so it’s best if you can go to their homepage to verify first. The bank has been around since 1991, and had been an FDIC member ever since. You can verify this, for insurance purposes, by looking at FDIC Certificate #33510.