Metro Phoenix Bank (MPB) added the 60-month CD Special to its product line about five months ago, initially earning 1.26% APY. At the beginning of December, 25 bps were added and the resulting 1.51% APY is still in effect today. The minimum opening deposit is $5k of new money, which is simply defined as funds not currently on deposit with MPB. There is no stated balance cap.
The 60-month CD Special is also available as an IRA CD Special (Traditional), earning the same APY with the same funding requirements.
As stated on MPB’s Deposit Rates page, the Early Withdrawal Penalty reads as follows:
If early withdrawal occurs, a penalty of 365 days of interest will apply for 60-month CD.
As the name would suggest, Metro Phoenix Bank’s market area is the greater metropolitan Phoenix area, which is the tenth largest metropolitan area in the nation by population.
MPB is a full-service community bank that caters to small-to mid-sized businesses and real estate professionals, with retail customers welcomed to open accounts.
Opening a CD Special must be done in-branch at the sole Arizona branch, located in Phoenix on northeast corner of 44the Street and Van Buren. An appointment is strongly recommended. There is no mention of any COVID-related branch restriction listed on MPB’s website.
Metro Phoenix Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on December 31, 2020 data. In the past year, MPB has increased its total non-brokered deposits by $76.72 million, an excellent annual growth rate of 38.38%. Please refer to our financial overview of Metro Phoenix Bank (FDIC Certificate # 58402) for more details.
Opening its doors in 2007 with $20 million in start-up capital, Metro Phoenix Bank is “in business because of small businesses.” According to a Phoenix Business Journal article, MPB chose an appropriate location for its headquarters.
One of the city's most troubled neighborhoods slowly is changing from a cash transaction economy to a paperless one, as financial institutions and commercial projects replace run-down hotels and vacant buildings. Metro Phoenix Bank is at the heart of this movement at 4686 E. Van Buren St.
Executives chose the east Phoenix location because of its proximity to the airport, downtown business district, Camelback Corridor and freeway access. "It's really in the middle of everything " said Metro Phoenix President and Chief Executive Steve Haggard, 39. "It's a good platform to go anywhere in the Valley."
The state-chartered bank will be a commercial, industrial and real estate lender, and likely will benefit from its location as the area undergoes redevelopment.
Currently the seventh largest bank headquartered in Arizona, MPB has lent nearly $200 million to small businesses in the community since its inception.
How the CD Special Compares
When compared to 225 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the market area, Metro Phoenix Bank’s 60-month CD Special APY currently ranks first.
The above information and rates are accurate as of 3/20/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.