Meridian Bank began the week by raising the rates on most of its CDs, with the 24-month (2.80% APY), 36-month (3.00% APY), and 48-month (3.05% APY) being the most competitive. The minimum opening deposit is $500, with no stated balance cap.
|2.80%||$500||-||Meridian Bank||60 Month CD|
|2.70%||$500||-||Meridian Bank||48 Month CD|
|2.60%||$500||-||Meridian Bank||36 Month CD|
|2.50%||$500||-||Meridian Bank||24 Month CD|
|2.40%||$500||-||Meridian Bank||12 Month CD|
|2.00%||$500||-||Meridian Bank||6 Month CD|
This week’s rate increases (between 115-120 bps) are the first rate changes in nearly a year for all the CDs. The new APYs are by far the highest rates seen in more than seven years.
The CDs are also offered as IRAs (Traditional, Roth), earning the same APYs with the same funding requirements.
As stated on the CDs & IRA CDs page, the Early Withdrawal Penalty reads as follows:
CDs less than 24 months – 6 months interest
CDs 24 months or greater – 12 months interest
Meridian Bank has also added a new Essential Savings account, which earns 2.00% APY on all balances.
The Essential Savings account can be opened a minimum $25 deposit. Maintaining a $100 daily balance waives the $5 monthly service charge. There is a $10 excess withdrawal fee for each transaction beyond the six allowed per month. eStatements are free, but paper statements incur a $2 charge per month.
While the 2.00% APY is a competitive rate, earning the stated APY is dependent on having a Relationship Checking account that meets the following monthly requirements:
- Five debit card purchases
- Two ACH direct deposits of at least $250
The Relationship Checking account is not a Rewards Checking Account: the two monthly transactional requirements mentioned above have no bearing on the Relationship Checking’s APY. There are two low APY tiers, 0.40% and 0.25%, based on balance levels of $10k+ and less than $10k, respectively. There is a $25 monthly service charge that can be waived with a $15k minimum daily combined balance (checking, savings, and money market).
|0.40*%||$10k||-||Meridian Bank||Relationship Checking|
|OTHER TIERS: 0.25% → Up to $10k|
Headquartered in Paoli, Meridian Bank’s market area is primarily southeast Pennsylvania, although its website states it provides full banking services to customers in Pennsylvania, New Jersey, and Delaware.
Opening a CD at Meridian Bank can be done at any of six full-service Pennsylvania branches located in Blue Bell, Doylestown, Media, Paoli, Philadelphia, and West Chester.
While there is an “Open an account” button on the CDs & IRA CDs page, it takes you to a page with five different applications (PDF format), but CDs are not listed on any of the PDFs. The Essential Savings account can be opened by filling out the Personal Account Application PDF, and returning it by fax or by snail mail.
Meridian Bank, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.08% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total deposits by $107.58 million, an excellent annual growth rate of 27.26%. Please refer to our financial overview of Meridian Bank (FDIC Certificate # 57777) for more details.
Founded in 2004 with a single branch, Meridian Bank was one of the more than 20 de novo banks that opened in the Greater Philadelphia area in the early 2000s; it’s now one of the last of those institutions that are still thriving. According to the Bank’s website,
We achieved profitability in record time, during our fifth quarter of operation by concentrating on business and commercial real estate lending. In 2007, a residential mortgage division was established. With 15 offices in the tri-state area, the mortgage division has been a major contributor to the Bank’s success.
Meridian Bank is currently the 50th largest bank in Pennsylvania, with assets in excess of $883 million.
How the CDs Compare
When compared to the 340 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the market area, Meridian Bank’s 36-month CD APY currently ranks second.
When compared to the 296 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the market area, Meridian Bank’s 48-month CD APY currently ranks second.
When compared to the 338 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the market area, Meridian Bank’s 24-month CD APY currently ranks third.
The above rates are accurate as of 6/28/2018.
To search for the best CD rates, either nationally available or state-specific, please refer to our CD Rates Table page.