Dedicated to Deposits: Deals, Data, and Discussion

6.00% Money Market Promotion at a Pennsylvania Bank (Beneficial)

POSTED ON BY

Update 1/12/08: This promotion has ended.

Beneficial Bank is having a new-branch promotion at its new Landsdale, PA office (1600 Sumneytown Pike). They're offering a money market account with a 6% yield on balances over $5,000 guaranteed through July 31, 2008. The minimum opening deposit is $5,000, and the maximum balance is $250,000. A minimum $5,000 balance is required to avoid fees. A checking account must also be opened for this promotion. The promotion is scheduled to last through January.

The bank does have some nice checking accounts which offer bonuses of up to $100 for direct deposit and online bill pay.

This promotion requires a branch visit to the new Landsdale, PA office (1600 Sumneytown Pike 19446) which is about 30 miles north of Philadelphia. The bank's main customer service number is 888-742-5272. Please contact the bank for the official information.

This promotion doesn't seem to be listed at the bank's website. A reader emailed me info on this special. He mentioned seeing it advertised in the Jan. 4th Philadelphia Inquirer Weekend section.

The bank is FDIC insured (Certificate # 15697). It has a 4 out of 5 star rating (sound) at Bankrate based on 9/30/07 data.

Thanks to the reader who emailed me info on this promotion.

Related Pages: Pennsylvania, checking account

Related Posts

Comments
10 Comments.
Comment #1 by mcrmgf (anonymous) posted on
mcrmgf
s anyone from neighboring state such as ny or nj gone to the branch and opened this money market account? thanks

1
Comment #2 by Anonymous posted on
Anonymous
Yes, we did go and open this account yesterday (from NJ). The bad news is that they said the offer will be withdrawn early because of the overwhelming response. In fact, the last day to get this deal was yesterday or today (depending upon which bank rep you believe).

1
Comment #3 by mcrmgf (anonymous) posted on
mcrmgf
i called but it ended today jan 12

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks everyone for the comments. Sorry to see it end early. I've added the bad news in the post.

1
Comment #5 by Anonymous posted on
Anonymous
i drove from northern virginia to pennsylvania on 1/12 and opened this account. the bank was having a party. got a blanket, food, drinks, opened the account, met the cute manager, toured philly and came back. thanks for posting. :-))

1
Comment #6 by Anonymous posted on
Anonymous
I just got a call from Beneficial representative telling me that after the 6% promotional rate ends on 7/31/08, the rate will be 5% for August, and depending on the market conditions, expected to be 4-4.50% for September. Not bad at all--the new rate and a 10-day prior notice.

1
Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
Wow, this turned out to be an excellent deal. Glad to see the rates will still be very competitive after July. Thanks for sharing your experience.

1
Comment #8 by Anonymous posted on
Anonymous
Yep. I just received a message on my machine about it. I was getting ready to pull the $ out as soon as August arrives and move it back into HSBC, but its staying where it is.

1
Comment #9 by Anonymous posted on
Anonymous
I'm so glad that I opened this account last year. It is still earning a high interest rate compared to other banks. I just called and the current APY for the next month is 3.20%!

1
Comment #10 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Yes, 3.20% apy is a very good rate these days. Glad to see the bank keeping this account very competitive.

1