Many readers may remember Malvern Federal Savings Bank for its reward checking account. The reward checking account used to be very competitive back in 2009, and for a while it was available nationwide. After a lot of rate cuts, the bank discontinued the reward checking account last June. I don't see any good checking or savings account deals. However, the bank does have some good long-term CD deals. The three best deals include a 3.00% APY 7-year CD, a 2.50% APY 5-year CD and a special 1.89% APY 37-month CD. The 7-year and 5-year terms are also available as IRA CDs. These rates are listed in the bank's personal rates page as of 9/5/2011.
It appears that a branch visit is required to open an account. Malvern Federal Savings branches are located in the Pennsylvania cities of Malvern, Exton, Pottstown, Paoli, Downingtown, Berwyn and West Chester.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 39.29% (below average) based on June 2011 data. Please refer to our financial overview of Malvern Federal Savings Bank for more details. The bank has been a FDIC member since 1947 (FDIC Certificate # 27861).
How These CD Rates Compare
I'm afraid 3 percent CDs are rare even for terms of 7 years. The best nationally available 7-year CD rate is 2.75% APY at Pentagon Federal Credit Union. If you have a connection with the military, you can get 3.00% APY ($20K minimum) at Navy Federal Credit Union. Another option is a 10-year CD at Discover Bank. This still has a 3.00% APY (3.05% APY for AAA members). I have more details in my Discover vs Ally CD review. Rates are accurate as of 9/5/2011.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.