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 is not listed on the Bank’s website.
The 13-month CD Special is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for any ParkeBank CD is six months interest, regardless of term length. When asked about an end-date for the 13-month CD Special, CSR said none had been provided, but “in the past, CD Specials have lasted a couple of weeks.”
Thanks to DA reader, edinperk, for his Forum post about ParkeBank’s hot deal.
Headquartered in Sewell, New Jersey, ParkeBank’s market area is comprised of the South New Jersey counties of Atlantic, Cape May, and Gloucester, as well as the Philadelphia metropolitan area and the surrounding Pennsylvania counties.
Opening an account at ParkeBank requires an in-person visit to any of five New Jersey branches located in Collingswood, Galloway, Northfield, and Sewell (2), or two Philadelphia branches, both located in Center City.
An application can be downloaded from ParkeBank’s website to facilitate the process.
ParkeBank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 7.19% (excellent) based on December 31, 2017 data. In the past year, ParkeBank has increased its total non-brokered deposits by $45.66 million, an excellent annual growth rate of 6.18%. 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 19th year as a full-service commercial bank, focusing on providing personal and business financial services to individuals and small-sized businesses in southern New Jersey and Philadelphia. Currently the 26th largest bank in New Jersey, ParkeBank has assets in excess of $1.1 billion and more than 14,600 customer accounts.
How the CD Special Compares
When compared to the 352 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in the Bank’s market area, ParkeBank’s 13-Month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.50% APY||13-Month CD Special||ParkeBank|
|2.35% APY||14-Month CD Special||Synchrony Bank|
|2.30% APY||12-Month CD||Colorado Federal Savings Bank|
The above rates are accurate as of 5/17/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.