ParkeBank (NJ) Adds New Money 13-Month CD Special

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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 interest. When asked about an end-date for the 13-month CD Special, CSR stated none had been given, but in the past, the "typical time frame was a couple weeks.”

Availability

ParkeBank’s market area is comprised of the New Jersey counties of Atlantic, Cape May, and Gloucester, and Philadelphia 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 (newly opened), Galloway, Northfield, and Sewell (2), or the single Philadelphia branch located in Center City.

An application can be downloaded from ParkeBank’s website to facilitate the process.

Bank Overview

ParkeBank (FDIC Certificate # 34888) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 16.36% (above average) based on June 30, 2016 data. In the past year, ParkeBank has increased its total deposits by $40.12 million, an excellent annual growth rate of 5.95%. Please refer to our financial overview of ParkeBank for more details.

Park Bank (under the umbrella of Parke Bancorp, Inc.) is in its 17th 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. In a July 2016 press release, Parke Bancorp, Inc., stated:

During the (second) quarter, ParkeBank completed the sale of its SBA
related assets, including SBA loans and guaranteed servicing rights to
Berkshire Bank. The pre-tax gain to ParkeBank was $9.3 million.

How the CD Compares

When compared to the 349 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to South New Jersey and Philadelphia area residents, ParkeBank’s 13-Month CD Special APY currently ranks second.

The above rates are accurate as of 10/13/2016.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.

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

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2.00% 15-Month CD and CD IRA at Parke Bank in NJ & PA - Local Only
Parke Bank continues to have a competitive 15-month CD special. The rate is down a bit since August, but it remains competitive at 2.00% APY. It's also available in an IRA. Minimum deposit is $500. 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 1.75% APY which is down from 2% in August. These specials are listed at the bank's deposit rates page as of 12/02/09.

It appears that a branch visit is required to open...

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