Earlier this month, Harleysville Bank raised the rate on its 24-month CD (2.01% APY). The minimum opening deposit is $500, with no stated balance cap. The 165 bps increase is the first increase since the 24-month CD was added in December 2011; for more than four years, the rate was only 0.36% APY.
The 24-month CD is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is six months interest.
Free Kasasa Cash Checking
I last wrote about Harleysville Bank in December 2017, when the rate on its Free Kasasa Cash Checking had been raised to 2.01% APY on qualifying balances up to $25k; that rate is still in effect. Qualifying balances over $25k earn .50% APY, with non-qualifying balances earning 0.05% APY.
The Free Kasasa Cash Checking requires a minimum $25 opening deposit, but there is no minimum balance required to earn the stated APY. There are no monthly service charges or charges to open or close the account. Nationwide ATM fees will be reimbursed up to $15 per monthly qualification cycle, with a limit of $9.99 per single transaction. Individual ATM fees of $10 or more, require a receipt.
Monthly Qualification Requirements
- Minimum of 12 debit card purchases post and settle
- Be enrolled in and receive eStatements
- Be enrolled in and log into online banking
Free Kasasa Saver
When linked to the Free Kasasa Cash Checking, Harleysville Bank’s Free Kasasa Saver earns 1.00% APY on qualifying balances up to $100k; qualifying balances over $100k earn 0.49% APY and non-qualifying balances earn 0.05% APY. Like the Free Kasasa Cash Checking, the Free Kasasa Saver can be opened with a minimum $25 deposit.
Headquartered in Harleysville (Montgomery County), Pennsylvania, Harleysville Bank’s market area is primarily Southeastern Pennsylvania. I say “primarily” because the Kasasa product line can be opened online by U.S. citizens (18 years or older) who are residents of Pennsylvania, New Jersey, Delaware, or Maryland.
Harleysville Bank’s CDs must be opened at any of seven Pennsylvania branches located in Harleysville, Hatfield, Lansdale, Norristown, Royersford, Souderton, and Sumneytown.
Harleysville Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 16.19% (above average) based on June 30, 2017 data. In the past year, the Bank increased its total deposits by $23.83 million, an excellent growth rate of 4.41%. Please refer to our financial overview of Harleysville Bank (FDIC Certificate # 31461) for more details.
Established in 1915, the original Harleysville Building and Loan Association’s main purpose was to provide mortgages to local residents. (The first mortgage loan granted, in the amount of $700, was for a property that is still in use today as a private residence.) Initially, there was no permanent office and the Board of Directors met monthly to report deposit balances they personally collected. A charter change in 1991 resulted in the new Harleysville Savings Bank name, and a further reorganization in 2000 led to the Bank’s multi-state presence. Today, Harleysville Savings Bank serves four eastern states with assets in excess of $782 million.
How the CD Compares
When compared to the 340 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Harleysville Bank’s 24-month CD APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.12% APY||24-Month Personal CD||ConnectOne Bank|
|2.02% APY||24-Month Certificate Account||USALLIANCE Financial|
|2.01% APY||24-Month CD||Harleysville Bank|
The above rates are accurate as of 10/28/2017.