As I was compiling this week’s CD Rates Summary, I saw that CDs offered by Philadelphia-based Hyperion Bank (Hyperion) appeared in five of the term-length categories. While the majority of Hyperion CDs (1-year through 5-year) have competitive APYs, the 60-month CD (1.25% APY) has the most competitive rate. In fact, the 1.25% APY is currently the highest rate on nationally available 5-year CDs offered by banks. (First National Bank of America 5-year CD currently has the next highest APY – 1.00%.) The minimum opening deposit is $500, with no stated balance cap.
|1.50%||$500||-||Hyperion Bank||60 Month CD|
|1.45%||$500||-||Hyperion Bank||48 Month CD|
|1.25%||$500||-||Hyperion Bank||36 Month CD|
|1.10%||$500||-||Hyperion Bank||24 Month CD|
|1.05%||$500||-||Hyperion Bank||18 Month CD|
|0.85%||$500||-||Hyperion Bank||12 Month CD|
Hyperion CDs are available as IRA CDs (Traditional and Roth), earning the same APYs with the same deposit requirements.
As stated in the Disclosure the Early Withdrawal Penalty for the 60-month CD reads as follows:
If we consent to a request for a withdrawal that is otherwise not permitted you may have to pay a penalty. The penalty will be an amount equal to: 730 days.
Funding and Accessing Maturing Funds
Funding a CD can be done by wire (no charge for incoming) or by check – no ACH transfer available at this time. There is a 10-day grace period before a CD automatically renews. Funds can be distributed by check or wire ($25 fee), or deposited in an existing Hyperion checking account.
Headquartered in Philadelphia, Hyperion Bank has been offering its product line nationwide via email and snail-mail for approximately two years. When I first wrote about Hyperion in February 2019, the Bank was in the process of developing an online application. According to CSR, the online application is still a “work in progress.”
Opening a CD is done through phone calls, email, and/or snail mail. The first step is filling out a New Consumer Account Form, which can be requested by calling 215.789.4200. As stated on the New Consumer Account Form, US citizens, permanent residents, and non-US residents are eligible to open an account. Two beneficiaries can be named, with no Social Security number required. You also need to state whether you are “affiliated with a Marijuana Related Business” or not.
If you live in the greater Philadelphia metropolitan area, you can also open a CD at the the sole Philadelphia branch in the historic Eighth National Bank building (built in 1871) located on West Girard Avenue (Northern Liberties section). Hyperion also has a branch in Atlanta, located in the Piedmont Center in Buckhead.
It should be noted that Hyperion Bank is a small bank, with about $244 million in assets, 29 employees, and two branches in two major metropolitan areas. If Hyperion is inundated with inquiries and applications, it is possible the Bank could find itself overwhelmed; then again, Hyperion may be up to the task. Feel free to share any experience you have in opening a Hyperion CD.
Hyperion Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.45% (excellent), based on September 30, 2020 data. In the past year, Hyperion has increased its total non-brokered deposits by $34.7 million, an excellent annual growth rate of 28.6%. Please refer to our financial overview of Hyperion Bank (FDIC Certificate # 58371) for more details.
Hyperion Bank is a young bank, having been established in 2006 to “support investment in the evolving neighborhoods of Northern Liberties and the River Wards including Fishtown, Kensington, Port Richmond and beyond.” According to Hyperion’s Our History page,
With support from Hyperion Bank, many new restaurants opened nearby over the years, making the area one of Philadelphia's favorite dining destinations, and earning Northern Liberties #14 on the Forbes.com 2012 list of the "20 Hippest Hipster Neighborhoods" in America. In May 2018 Forbes revisited Fishtown, featuring Hyperion Bank clients in a story that proclaimed "How Fishtown, Philadelphia Became America's Hottest New Neighborhood.”
In 2018, Hyperion raised $18.3 million from private investors, providing for expansion of banking and lending services in the greater Philadelphia area and the Jersey Shore. Hyperion furthered its footprint by opening a second branch location in Atlanta in 2019.
How the CD Compares
When compared to 181 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a similar minimum deposit, Hyperion Bank’s 60-month CD APY currently ranks fourth.
The above rates are accurate as of 12/4/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.