It’s only been a couple months since I start using the phrase, “3 for 5 Club.” In that relatively short amount of time, the Club’s membership has grown to more than 30 CDs offered by nationwide and local banks/credit unions. Embassy Bank for the Lehigh Valley (Embassy Bank) is the most recent addition to this once exclusive Club, with a 59-month CD (3.00% APY) added to its product line this week. The minimum deposit is $500, with no stated balance cap.
While most of Embassy Bank’s CDs are also offered as IRAs, the 59-month CD is not available as an IRA.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of 12 months or greater: The fee we may
impose will equal six months interest on the amount withdrawn subject to penalty.
Headquartered in Bethlehem, Pennsylvania, Embassy Bank for the Lehigh Valley's online application states that a customer’s “address of record must be located in either Northampton or Lehigh County, Pennsylvania.”
According to recent census studies, the Lehigh Valley is the fastest growing region in Pennsylvania, serving as a bedroom community to Philadelphia, New Jersey, and New York City.
Embassy Bank for the Lehigh Valley has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.44% (excellent) based on September 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $67.33 million, an excellent annual growth rate of 8.08%. Please refer to our financial overview of Embassy Bank for the Lehigh Valley (FDIC Certificate # 57228) for more details.
Founded in late 2001, Embassy Bank for the Lehigh Valley has grown to become Pennsylvania’s 42nd largest bank in less than 20 years. A February 2018 press release, states that,
According to a report released by the Federal Deposit Insurance Corporation, Embassy continues to be the top locally-owned bank in the Lehigh Valley and ranks number 6 overall with $882.4 million in deposits and 5.32% market share as of June 2017. Embassy has been named Best Bank in the Lehigh Valley by the Morning Call Reader’s Choice for the past 5 years in a row.
How the CD Compares
When compared to the 305 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Embassy Bank for the Lehigh Valley’s 59-month CD Special APY currently shares the top rung with 5-year CDs offered by five other banks/credit unions.
|Interest Rate||CD Length of Term||Bank/Credit Union|
|3.00% APY||59-Month CD||Embassy Bank for the Lehigh Valley|
|2.89% APY||60-Month Smart Certificate||United States Senate Federal Credit Union|
|2.87% APY||60-Month iGOCD||iGObanking|
The above rates are accurate as of 4/6/2018.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table.