5.25% Money Market Account at Parke Bank in Philadelphia

Parke Bank is offering a 5.25% APY money market account at its Philadelphia branch. A balance of $2,500 is required to earn this rate. Balances under this earns 1.31% and balances under $1,000 incur a $7/month fee. This is not listed at the bank's website. A reader mentioned this in the comments, and I called today for additional info. The bank rep said this high rate was started as a grand opening special, and it had been scheduled to end in March, but the bank decided to keep it going with no planned end date.

The bank also has a 4% APY savings account for balances over $2.5K and a 5.25% APY CD with a $500 minimum (see rate table). These are also available at the bank's New Jersey branches. For brick-and-mortar banks, these rates are fairly competitive. The bank is FDIC insured (FDIC Certificate # 34888).

Thanks to Andy who mentioned this special in the finding deals post.

Tags: Pennsylvania, Parke Bank, savings account