Hyperion Bank Unveils Nationally Available 15-Month Special CD

Philadelphia-based Hyperion Bank (Hyperion) has added a limited-time 15-month CD Special to its product line. Earning a near-rate leading 5.65% APY, the 15-month CD Special requires a $2.5k minimum opening deposit and is capped at $500k per person. According to the promotion page, new money and/or “new-ish” money (funds deposited in a Hyperion account within the previous 30 days) is required.

According to the fine print on the promotional page,

The online application must be approved and funded before the CD promotion is discontinued at any moment. Online applications that are incomplete will not be eligible after promotion has been discontinued. Certificate of Deposit must be funded prior to promotion end date to obtain advertised promotional rate.

Thanks to the DA reader who let me know about this new and competitive nationally-available CD.

Early Withdrawal Penalty

According to CSR, partial withdrawals are allowed, but not necessarily guaranteed. As stated on the 15-month CD Disclosure page, the Early Withdrawal Penalty for the 15-month CD reads as follows [emphasis is mine]:

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: 6 months (180 days).

Any withdrawal made with 180 days of account opening will reduce the principal.

Availability and Account Opening

Headquartered in Philadelphia, Hyperion Bank has been offering its product line nationwide for more than four years. All US citizens and permanent residents with a valid Social Security number or Tax Identification Number are eligible to open a CD.

The online application can be accessed from the Hyperion home page by clicking on “Personal” at the top of the page and finding “Open a Personal Account” listed under “Deposit Accounts.” Both new and existing Hyperion customers apply using the same online application.

If you live in the greater Philadelphia metropolitan area, you can also open a 15-month CD Special 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 (GA), located in the Piedmont Center in Buckhead.

A 15-month CD Special can also be opened over the phone, by calling either the Philadelphia branch (215.789.4200) or the Atlanta branch (404.381.2110).

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – ACH, internal transfer.
• Ownership – Individual, joint, or trust (trust must be opened in-branch).
• Interest – Compounded daily/credited monthly; can be withdrawn penalty-free at any time throughout the term.
• Maturing Funds – ACH, wire ($25 fee) cashier’s check to address on file, or internal transfer.
• Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers are required.
• Grace Period – 10 calendar days before automatic renewal or automatic deposit into a Hyperion checking account.
• Credit Check – ChexSystems.

Bank Overview

Hyperion Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.04% (excellent), based on September 30, 2023 data. In the past year, Hyperion has increased its total non-brokered deposits by $68.19 million, an excellent annual growth rate of 32.98%. Please refer to our financial overview of Hyperion Bank (FDIC Certificate # 58371) for more details.

Hyperion Bank is a fairly 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 15-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Hyperion Bank 15-Month CD Special. The following table compares the 15-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.

The above information and rates are accurate as of 12/15/2023.

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