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

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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.
Comments
mcrmgf
mcrmgf (anonymous)   |     |   Comment #1
s anyone from neighboring state such as ny or nj gone to the branch and opened this money market account? thanks
Anonymous
Anonymous   |     |   Comment #2
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 The bad news is that they said the offer will be withdrawn early because of the overwhelming response.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).
mcrmgf
mcrmgf (anonymous)   |     |   Comment #3
i called but it ended today jan 12
Banking Guy
Banking Guy (anonymous)   |     |   Comment #4
Thanks everyone for the comments. Sorry to see it end early. I've added the bad news in the post.
Anonymous
Anonymous   |     |   Comment #5
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. :-))
Anonymous
Anonymous   |     |   Comment #6
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.
Banking Guy
Banking Guy (anonymous)   |     |   Comment #7
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.
Anonymous
Anonymous   |     |   Comment #8
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.
Anonymous
Anonymous   |     |   Comment #9
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%!
Banking Guy
Banking Guy (anonymous)   |     |   Comment #10
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.
$150 Checking Account Bonus at Beneficial Savings Bank
Beneficial Savings Bank is offering a bonus of up to $150 for opening a Free Interest Checking Account. $50 is awarded after the first direct deposit, another $50 is awarded after the first online bill payment and another $50 is awarded if your balance reaches $1,000 anytime during the first 60 days. The last award is valid through 3/31/07. The other two $50 bonuses seem to be an ongoing promotion and are listed in the checking account overview page.

According to the service rep, the checking account can be opened by...

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