New Century Bank has a nice promotion for its money market account. They're guaranteeing 2.00% APY for 6 months with a minimum balance of $50. The offer is scheduled to end on 11/30/09. The promotion is advertised in a big image on the
bank's front page. Also, when you open the account, you get a free Snuggie.
The regular money market rates are listed at the bank's
rate table, and the rates are low with a maximum rate of 1.09%. So this is probably not a good long-term deal.
A branch visit appears to be required to open the account.
Branches are located in the suburbs of Philadelphia in the cities of Phoenixville, Malvern, Wayne and Newtown Square.
New Century Bank's ratings for safety and soundness are a little weak: 2 stars (below peer group) at
Bankrate.com and 3 stars (adequate) at
BauerFinancial. Both are based on 6/30/09 financial data. The bank has been a FDIC member since 1997 (
FDIC Certificate # 34444).
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