NewAlliance Bank invites consumers from Massachusetts and Connecticut to take advantage of a money in the bank deal through their certificate of deposit offerings. The highest cd rate is 3.50% APY for a 60-month certificate of deposit. The current interest rates for the other CDs are the following:

9 months 1.15% APY
15 months 1.40% APY
30 months 2.00% APY

You can enjoy these top cd rates by putting in an initial deposit of $1,000. You can also get them as an IRA. Take note that these certificates of deposit are only offered in Massachusetts and Connecticut.

Interested individuals can open an account online. Do not forget to read the account disclosures to know factors which may affect your earnings. One downside of this CD is the imposed early withdrawal penalty of half the earnings of the amount taken out for CDs that matures after 3 years or longer.

The 15-month CD has a competitive interest rate. This is a promo though and it requires account holders to open a checking account for at least $50.

NewAlliance Bank has branches spread across Connecticut and they also have offices in South Central Massachusetts. If you have questions about their products and services, or inquiries on how to open an account, you can call the bank through 800-892-2096.

The ratings of the bank are quite strong. Bankrate.com issued 4 stars for its sound performance based on their September 2009 data. BauerFinancial stamped their report with 5 stars using their December 2009 data.

NewAlliance is a big financial institution with about $8.4 billion in assets. The bank is insured with the FDIC through certificate number 18261.