Many readers might remember Hyperion Bank for its reward checking account. It had offered one of the best ones in the Philadelphia area back in 2009. Unfortunately, the rate has fallen, and it's no longer available for new accounts. However, the bank has often come out with some good deposit deals. For large balances, the bank's consumer money market account is competitive. The top rate is 1.30% APY for balances of at least $100K. The rate is 1.10% APY for balances of $50K to up to $100K. The bank is also offering a competitive 2-year CD with a 1.80% APY. Minimum deposit is $399. These rates are listed on the bank's rates page as of 5/3/2011.
It appears that a branch visit is required. It's a small bank with one office in Philadelphia located at 199 West Girard Avenue.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 32.53% (below average) based on December 2010 data. Please refer to our financial overview of Hyperion Bank for more detail. The bank has been a FDIC member since 2006 (FDIC Certificate # 58371).
How It Compares?
It's sad to say a 2-year CD rate that's under 2 percent is competitive, but that is the case in today's low-rate environment. For nationally available 2-year CDs, the best rate is 1.77% APY at Self-Help Credit Union (as of 5/3/2011). You can see some other top 2-year CD rates in my latest weekly bank deals recap. For the best local deals, please refer to our CD rate listing which includes the best nationwide and local CD rates.