ParkeBank (NJ/PA) Adds 13-Month CD Special, 2.50% APY

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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 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.

Availability

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.

Bank Overview

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 RateCD Length of TermCredit Union/Bank
2.50% APY13-Month CD SpecialParkeBank
2.35% APY14-Month CD SpecialSynchrony Bank
2.30% APY12-Month CDColorado 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.

Related Pages: Philadelphia CD rates, 1-year CD rates

Comments
RichReg
RichReg   |     |   Comment #1
Nice find, Ken.
Rosedala
Rosedala   |     |   Comment #2
The find is VERY nice...for those lucky ones who live in the areas indicated. :)
RichReg
RichReg   |     |   Comment #4
Yeah well, maybe....
..yesterday I called to ask how long this promo was going to be lasting and no one has yet called me back. An hour drive for me to Philly and wouldn't have funds available 'til 5/31.
Kirkland
Kirkland   |     |   Comment #3
Looking to find this in the Miami area once the rate hike takes place in early June
Anon
Anon   |     |   Comment #5
This is a really nice deal. I did the 15-month 2.50% APY CD at Greenwood CU. May as well go short duration given the anticipated rate hikes from the Fed this year. So I'm leaving some money with Northpointe at 2.05% and will invest it when a really good 3+ year deal comes along. I did put some money into a 3% 3-year CD with Freedom CU earlier this year. Rate hikes are coming, but I need some half decent income in the meantime.
RichReg
RichReg   |     |   Comment #6
Dead deal....ended yesterday.
ParkeBank (NJ) Adds New Money 13-Month CD Special
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 and Roth) earning the same APY, with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is six months...

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Parke Bank (NJ) Raises Rate On 13-month CD Special
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.

A $500 minimum deposit of new money is required to open and there is no balance cap.

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Parke Bank (NJ) Raises Rate on 18-month CD Special
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 Withdrawal Penalty is 6 months interest.

Availability

Parke Bank’s market area is comprised of the New Jersey counties...

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Competitive CD Rates at Parke Bank in New Jersey & Pennsylvania - Local Only

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 savings account. It's a tiered-rate account called Parke Plus. The top rate is 1.25% APY for balances of at least...

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Parke Bank is offering a competitive 11-month CD special with a 1.65% APY. Minimum deposit is $500. It's also available in an IRA. The bank also continues to offer a special rate on its Preferred Savings Account for balances of at least $2,500. The current rate is 1.50% APY which is down from 1.75% in December. These specials are listed at the bank's deposit rates page as of the morning of 6/08/2010.

It appears that a branch visit is required to open an account. Branches are located in the New Jersey...

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