2.50% 17-Month CD at MoreBank in Philadelphia - Local Only


MoreBank has a promotion with a 2.50% APY 17-month CD. Minimum deposit is $5,000. This special isn't listed on the bank's website. A reader emailed me info on this, and I just called for additional details. According to the CSR, it does not require a checking account. It's available as of today (9/25/09), but the special could end at anytime.

A branch visit is required to open an account. Branches are located in the Pennsylvania cities of Philadelphia, Upper Darby and North Wales.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 2006 (FDIC Certificate # 57871).

MoreBank is a Korean-American owned and operated bank. Some of its history is described in this Philadelphia Business Journal article.

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