Howard Bank (MD) Adds 29-Month Bump Up CD


Deal Summary: Bump Up CD Specials – 29-month (3.00% APY), 17-month (2.75% APY), 9-month (2.50% APY), $500 min/$1 million max deposit, one-time rate bump during the term.

Availability: Market area includes five Maryland counties.

For a limited time, Baltimore-based Howard Bank is offering three Bump Up CD Specials: 29-month (3.00% APY), 17-month (2.75% APY), and 9-month (2.50% APY). The minimum opening deposit is $500, and the maximum is $1 million.

The “bump up” allows for a one-time rate increase, described as follows:

If the standard published rate applicable for the certificate’s term goes up as a result of another promotion. Option to bump up rate is one time only during the initial term and requires you to visit a Howard Bank branch to redeem before the certificate’s maturity date.

As stated in the fine print on the promotion page, the Early Withdrawal Penalty reads as follows:

Penalties will be imposed for early withdrawal, which is 90 days interest for the 9-month term and 180 days interest for the 17-month and 29-month terms, and could reduce the initial principal invested.


Headquartered in Baltimore, Maryland, Howard Bank’s market area includes the Maryland counties of Anne Arundel, Baltimore, Cecil, Harford, and Prince George’s, and the city of Baltimore. (FYI – Baltimore is an independent city established by the Constitution of Maryland and is not part of any county.)

Opening a Bump Up CD Special can be done by phone (410.750.0020) or at any of 21 Maryland branches, located in Aberdeen, Annapolis, Baltimore (7), Bel Air (2), Columbia, Elkton, Ellicott City, Glen Burnie, Laurel, Owings Mills, Pikesville, Rising Sun, Severna Park, and Timonium.

Bank Overview

Howard Bank has an overall health rating of "B+" at, with a Texas Ratio of 12.08% (above average) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $673.8 million, an excellent annual growth rate of 83.8%. Please refer to our financial overview of Howard Bank (FDIC Certificate #57776) for more details.

Established in 2004, Howard Bank is Baltimore’s largest independently owned bank, with assets in excess of $2.1 billion. The original target market area was small- and medium-sized businesses. According to Howard Bank’s website,

The bank made a strategic decision to focus on the Baltimore market as opposed to the Washington, DC market primarily due to the relationship based business environment that exists in Baltimore.

In the past four years, Howard Bank has acquired three Maryland banks (NBTS Financial, The Patapsco Bank, and First Mariner Bank) and moved its headquarters to Baltimore. With nearly 68,000 customer accounts and deposits of more than $1.5 billion, Howard Bank is currently Maryland’s sixth largest bank.

How the Bump Up CD Specials Compare

When compared to the 261 similar length-of-term CDs tracked by that require a similar minimum deposit and are available in the Bank’s market area, Howard Bank’s 29-month Bump Up CD Special APY currently ranks first.

When compared to the 208 similar length-of-term CDs tracked by that require a similar minimum deposit and are available in the Bank’s market area, Howard Bank’s 17-month Bump Up CD Special APY currently ranks second.

When compared to the similar length-of-term CDs tracked by that require a similar minimum deposit and are available in the Bank’s market area, Howard Bank’s 9-month Bump Up CD Special APY currently ranks second.

The above rates are accurate as of 8/20/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Baltimore CD rates, 1-year CD rates, 5-year CD rates

  |     |   Comment #1
Gotta wonder about the Bump up feature on a CD with an oddball duration. If they never issue another 29 month "Special" then the Bump up is never executable.
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