I don't like reporting on CD rates that are under 2.00%. If you're looking for CDs with maturities under 3 years, I'm afraid you will have to expect these low yields in today's interest rate environment. With that in mind, Parke Bank has two competitive CD and IRA CD specials: 1.35% APY 13-month CD and a 1.65% APY 2-year CD. Minimum deposit is $500. The bank also has a competitive savings account. It's a tiered-rate account called Parke Plus. The top rate is 1.25% APY for balances of at least $20K. These rates are listed in the bank's deposit rates page as of 5/9/2011.
It appears that a branch visit is required to open accounts. Parke Bank branches are located in the New Jersey cities of Sewell, Northfield and Galloway. There's also a branch in Philadelphia, Pennsylvania.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 47.08% (below average) based on December 2010 data. Please refer to our financial overview of Parke Bank for more details. The bank has been a FDIC member since 1999 (FDIC Certificate # 34888).
How It Compares to the Best CD Rates
As of 5/9/2011, the best 1-year CD rate available nationally is 1.75% APY at Connexus Credit Union, but this requires an active checking account. The best 1-year CD rate without a checking requirement is 1.41% APY at Melrose Credit Union. The best 2-year CD rate is 1.77% APY at Self-Help Credit Union.
The only way to get a yield above 2.00% is to take a longer term. Ally Bank's 5-year CD has a 2.40% APY (as of 5/9/2011), and due to its small early withdrawal penalty, the effective yield if closed after one year would be 2.00% (see post).
To search for the best CD rates nationwide and in your state, please refer to our CD rates table.