At the end of last week, First Priority Bank (Pennsylvania) raised the rate on its 2 ½-year CD to a competitive 1.65% APY. The APY on the 2 ½-year CD has been on the rise since July 2014, with four rate increases in the past 13 months.
The minimum opening deposit is $500 and there is no maximum balance cap. According to CSR, the Early Withdrawal Penalty for any First Priority Bank CD, with a term of 12 months or more, is six months interest.
Add An Extra 15 Basis Points Promotion
First Priority Bank currently has a promotion that adds 15 basis points to any new CD's APY, if a new checking account is opened simultaneously. First Priority Bank has three different checking accounts (Practical Checking, Performance Checking, Premium Checking) and all qualify for this promotional offer. More information about the individual checking accounts can be found on the Personal Banking page.
First Priority Bank is headquartered in Malvern, Pennsylvania, (25 miles west of Philadelphia) and offers its services and products to all Pennsylvania residents.
Opening any type of account at First Priority Bank can be done online, or at any of eight Pennsylvania branches located in Blue Bell, Malvern, Newtown, Pipersville, Reading, Sinking Spring, Temple, and Wyomissing,
First Priority Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 9.12% (excellent) as of March 31, 2015. In the past year, First Priority Bank has increased its total deposits by $34.32 Million, an excellent annual growth rate of 9.88%. Please refer to our financial overview of First Priority Bank for more details.
First Priority Bank (FDIC Certificate # 58092) is a young bank, having been established in November 2005. In the past ten years, First Priority Bank acquired Prestige Community Bank (Newtown, PA) and Affinity Bank of Pennsylvania (Wyomissing), and today holds assets in excess of $470 Million.
How the CD Compares
When compared to the 390 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Pennsylvania residents, First Priority Bank’s 2 ½-year CD currently ranks first (with extra 15 basis points), or third (without extra 15 basis points).
The above rates are accurate as of 8/24/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.