ParkeBank Now Offers Product Line Nationwide Including Top-Rate CDs
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.