ParkeBank Now Offers Product Line Nationwide Including Top-Rate CDs

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Deal Summary: 12-month CD, 1.01% APY; 60-month CD, 1.34%; $500 minimum deposit.

Availability: Nationwide through online application.

New Jersey-based ParkeBank is now offering its product line nationwide, including all of its CDs. Any of the CDs can be opened with a $500 minimum deposit and there are no stated balance caps. All of ParkeBank’s six CDs with terms from 12 months to 60 months are currently very competitive.

All the CDs are also available as an IRA CDs (Traditional and Roth), earning the same APYs with the same deposit requirements.

The above rates are based on the APYs currently listed by ParkeBank at its Deposit Rates page.

According to CSR, the Early Withdrawal Penalty for any ParkeBank CD is six months interest, regardless of term length, with partial withdrawals allowed.

Funding and Accessing Maturing Funds

If a CD is opened online, it can be funded through an ACH transfer or by check (mailed to ParkeBank’s headquarters in Sewell, New Jersey). When a CD is selected on the online application, the following piece of pertinent information pops up:

The rate will be set once your application is approved and funding is complete.
Interest will begin accruing on the date your account is funded.

There is a 10-day grace period before a CD automatically renews. Maturing funds will either be distributed by check to the address on file, or deposited into a ParkeBank checking or savings account.

As stated on the first page of the online application,

If another person will be added as beneficiary on your accounts, you will have to enter their personal information including name, address, date of birth, and Social Security Number.

According to CSR, all beneficiaries will be entitled to equal shares.

Availability

Headquartered in Sewell, New Jersey, ParkeBank has expanded its market area since I last wrote about them. In May 2018, the market area was comprised of three south New Jersey counties, as well as the Philadelphia metropolitan area and the surrounding Pennsylvania counties. ParkeBank now offers its product line to all U.S. citizens/residents aliens (18-years or older) with a valid Social Security number or ITIN (Individual Taxpaper Identification Number).

Opening a CD can be done online, or at any of five New Jersey branches located in Collingswood, Galloway, Northfield, and Sewell (2), or two Philadelphia branches, both located in Center City.

According to the Important Updates COVID-19 page,

Effective Tuesday, October 13th, all branches will resume normal business hours. Requirements to enter the building are as follows:

  • Maximum of two customers at a time (Spruce Street location - one customer due to space)
  • Mask worn at all times
  • Maintain social distancing guidelines
  • Present identification

Bank Overview

ParkeBank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.50% (excellent) based on June 30, 2020 data. In the past year, ParkeBank has increased its total non-brokered deposits by $236.38 million, an excellent annual growth rate of 20.89%. Please refer to our financial overview of ParkeBank (FDIC Certificate # 34888) for more details.

ParkeBank (under the umbrella of Parke Bancorp, Inc.) is in its 21st year as a full-service commercial bank, with a physical presence in southern New Jersey and Philadelphia. Currently the 19th largest bank headquartered in New Jersey, ParkeBank has assets in excess of $1.9 billion and nearly 20,000 customer accounts.

How the CDs Compare

When compared to 222 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, ParkeBank’s 12-month APY currently ranks third.

When compared to 189 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, ParkeBank’s 60-month APY currently ranks fifth.

The above rates are accurate as of 10/15/2020.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Philadelphia CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

EXPIRED - ParkeBank (NJ/PA) Adds 13-Month CD Special
UPDATE: This CD special has expired and is no longer available. This 2018 article is retained for historical purposes.

Deal Summary: 13-month CD Special, $500 minimum deposit, new money.

Availability: Market area includes Atlantic, Cape May, and Gloucester Counties, New Jersey, and Philadelphia and surrounding Pennsylvania counties.

In the Sunday edition of the Philadelphia Inquirer, ParkeBank advertised a 13-month CD Special (2.50% APY). A $500 minimum deposit of new money is required to open, and there is no stated balance cap. FYI, this limited-time CD...

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EXPIRED - ParkeBank (NJ) Adds New Money 13-Month CD Special
UPDATE: This CD special has expired and is no longer available. This 2016 article is retained for historical purposes.

Availability: Market area includes Atlantic, Cape May, and Gloucester Counties, New Jersey, and Philadelphia and surrounding counties in Pennsylvania.

New Jersey-based ParkeBank announced today that a new 13-month CD Special (1.30% APY) had been added to its product line. A $500 minimum deposit of new money is required to open and there is no stated balance cap.

The 13-month CD Special is also available as an IRA (Traditional...

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EXPIRED - Parke Bank (NJ) Raises Rate On 13-month CD Special
UPDATE: This CD special has expired and is no longer available. This 2016 article is retained for historical purposes.

Availability: Market area includes Atlantic, Cape May, and Gloucester Counties, New Jersey, and Philadelphia and surrounding counties in Pennsylvania.

New Jersey based Parke Bank has raised the rate on its 13-month CD Special (1.30% APY). This week’s 10 basis point increase is the first rate change for the 13-month CD Special, which was originally added to the product line in November 2015.

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EXPIRED - Parke Bank (NJ) Raises Rate on 18-month CD Special
UPDATE: This CD special has expired and is no longer available. This 2015 article is retained for historical purposes.

Availability: Market area includes Atlantic, Cape May, and Gloucester Counties, New Jersey, and Philadelphia and surrounding counties in Pennsylvania.

Parke Bank (NJ) recently raised the rate on its 18-month CD Special (1.25% APY). The minimum opening deposit is $500, with no maximum balance cap.

The 18-month CD Special is also offered as an IRA (Traditional) at the same APY, with the same funding requirements. According to CSR, the Early...

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EXPIRED - Competitive CD Rates at Parke Bank in New Jersey & Pennsylvania - Local Only
UPDATE: This CD special has expired and is no longer available. This 2011 article is retained for historical purposes.

I don't like reporting on CD rates that are under 2.00%. If you're looking for CDs with maturities under 3 years, I'm afraid you will have to expect these low yields in today's interest rate environment. With that in mind, Parke Bank has two competitive CD and IRA CD specials: 1.35% APY 13-month CD and a 1.65% APY 2-year CD. Minimum deposit is $500. The bank also has a competitive...

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