Last week, Park Bank added two CD Specials: 19-month (2.45% APY) and 13-month (2.20% APY), with the 19-month being the more competitive CD. Either CD Special can be opened with a $10k minimum deposit and is capped at $1 million.
Both CD Specials are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
According to the fine print on the Latest Rates page, both CD Specials convert to a 12-month CD upon renewal. FYI – the current rate for the 12-month CD is 0.20% APY.
CSR stated that the Early Withdrawal Penalty for either CD Special is six months of interest.
Headquartered in Milwaukee, Park Bank’s market area is southeastern Wisconsin, with an emphasis on the greater Milwaukee metropolitan area.
Opening a CD Special requires an in-person visit to any of three full-service Wisconsin branches located in Brookfield and Milwaukee (2), or by calling the Bank at 414.466.8000.
Park Bank’s personal online banking platform is currently devoted to account management and bill payment services.
Park Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.63% (excellent), based on December 31, 2017 data. Park Bank has an excellent capitalization level (11.51%), the result of holding $943.63 million in assets with $108.57 in equity. Please refer to our financial overview of Park Bank (FDIC Certificate # 26218) for more details.
Park Savings Bank opened its doors for business in 1915. Named for its proximity to Milwaukee's Washington Park, the Bank’s name was officially changed to Park State Bank in 1955. Park State Bank and Park Bank East merged in 1987 to form Park Bank. Currently the 19th largest bank in Wisconsin, Park Bank has assets in excess of $943 million and is focused “on supporting the success of growing businesses in southeastern Wisconsin.”
How the CD Special Compares
When compared to the 219 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the Bank’s market area, Park Bank’s 19-month CD Special APY currently ranks third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.69% APY||20-Month CD ($1k min)||EBSB Direct|
|2.50% APY||15-Month CD ($1k min)||Greenwood Credit Union|
|2.45% APY||19-Month CD Special ($10k min)||Park Bank|
The above rates are accurate as of 5/14/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.