Competitive Long-Term CD Rates at Malvern Federal Savings in PA - Local Only


2.10%$500-Malvern Federal Savings Bank84 Month CD
2.10%$500-Malvern Federal Savings Bank84 Month IRA (Traditional, Roth, CESA)
1.75%$500-Malvern Federal Savings Bank60 Month CD
1.75%$500-Malvern Federal Savings Bank60 Month IRA (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of October 22, 2016.

Many readers may remember Malvern Federal Savings Bank for its reward checking account. The reward checking account used to be very competitive back in 2009, and for a while it was available nationwide. After a lot of rate cuts, the bank discontinued the reward checking account last June. I don't see any good checking or savings account deals. However, the bank does have some good long-term CD deals. The three best deals include a 3.00% APY 7-year CD, a 2.50% APY 5-year CD and a special 1.89% APY 37-month CD. The 7-year and 5-year terms are also available as IRA CDs. These rates are listed in the bank's personal rates page as of 9/5/2011.

It appears that a branch visit is required to open an account. Malvern Federal Savings branches are located in the Pennsylvania cities of Malvern, Exton, Pottstown, Paoli, Downingtown, Berwyn and West Chester.

The bank has an overall health score at of 3 stars (out of 5) with a Texas Ratio of 39.29% (below average) based on June 2011 data. Please refer to our financial overview of Malvern Federal Savings Bank for more details. The bank has been a FDIC member since 1947 (FDIC Certificate # 27861).

How These CD Rates Compare

I'm afraid 3 percent CDs are rare even for terms of 7 years. The best nationally available 7-year CD rate is 2.75% APY at Pentagon Federal Credit Union. If you have a connection with the military, you can get 3.00% APY ($20K minimum) at Navy Federal Credit Union. Another option is a 10-year CD at Discover Bank. This still has a 3.00% APY (3.05% APY for AAA members). I have more details in my Discover vs Ally CD review. Rates are accurate as of 9/5/2011.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of

saverlessgal   |     |   Comment #1
If one has the bulk of their CDs maturing in 2012 and it will cost quite a bit in early withdrawal penalties to cash out now to buy CDs now is this the wise thing to do?  I think the future rates will be low for years but making such a decision can be very costly now in my position.  If you have any advice to share, it would be appreciated.  Thanks!
lou   |     |   Comment #2
It obviously depends on how much the EWP is and the rate you think you would receive in 2012. You can do the math by seeing how long it would take to recoup the EWP from the difference in the interest generated by purchasing the CDs now as opposed to in 2012. The problem is forecasting rates a year from now. I don't know anyone who has a decent track record with guessing what the rates will be in the future, and I tend to think it is an exercise in futility. This is why many people on this site recommend a CD ladder, so you don't have to guess rates. If the penalty is 6 months or longer, I would not do it.
saverlessgal   |     |   Comment #4
Does anyone know what the Early Withdrawal Penalties are for the long term CDs like 5 years?  I would really like to see this info on bank's websites but it is rarely included.  Thanks!
High-Yield Reward Checking Account at a Pennsylvania Bank (Malvern Federal Savings)

Update 5/2/2011: The Reward Plus Checking account is being discontinued effective June 1, 2011.

Malvern Federal Savings Bank has a reward checking account that pays 1.00% APY on balances up to $35,000 (0.51% for above) and refunds ATM fees worldwide (up to $25 per cycle) if the following monthly requirements are met:

  • 10 debit card point of sales transactions
  • one direct deposit or ACH debit
  • access online banking

If these are not met, the rate falls to 0.10%. The minimum opening deposit is $200. There are no monthly service charges or minimum balance requirements.

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