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.
|1.30%||$500||-||Parke Bank||13 Month CD Special - New Money Only|
|1.30%||$500||-||Parke Bank||13 Month IRA Special - New Money Only|
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.”
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.
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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.41% APY||12-Month Share Certificate||Garden Savings Federal Credit nion|
|1.30% APY||13-Month CD Special||ParkeBank|
|1.29% APY||1-Year CD||State Bank of India|
The above rates are accurate as of 10/13/2016.