At the beginning of the week, PeoplesBank raised the rate on its 16-month CD Special (1.40% APY). This is the highest APY for the 16-month CD Special, since it made its debut in January 2011.
|2.50%||$500||-||PeoplesBank, a Codorus Valley Company||16 Month CD Special|
Unlike PeoplesBank’s other CD Specials, the 16-month requires a $1k minimum deposit of new money and also requires a checking account relationship. PeoplesBank has five different checking accounts, including the Free-For-All Checking account that has no monthly fees associated with it, and can be opened with a $25 deposit.
According to CSR, the Early Withdrawal Penalty for the 16-month CD Special is six months interest.
$150 Checking Bonus
PeoplesBank also has a checking bonus that pays up to $150 for opening a new checking account. The bonus is broken into three $50 payments for three different activities that must occur within 45 days of account opening.
- $50 for monthly Direct Deposit of at least $200
- $50 for at least one monthly online bill payment
- $50 for a PeoplesBank VISA© Check Card signature-based transaction of at least $50
This is a limited-time offer that is only available to new clients of PeoplesBank, and unfortunately, cannot be used in conjunction with any other offer, i.e., the 16-month CD Special.
Headquartered in York, Pennsylvania, PeoplesBank’s market area includes South Central Pennsylvania and Northern Maryland, with branches from Harrisburg to Baltimore. U.S. Citizens and U.S. Resident Aliens, 18-years or older, able to open an account at PeoplesBank.
Opening a variety of accounts (including the 16-month CD Special) can be done online, or in person at any of 20 Pennsylvania branches, located in Brogue, Camp Hill, Codorus, Dover, Elizabethtown, Glen Rock, Hanover (4), Jacobus, New Freedom, Red Lion, Shrewsbury, Stewartstown, and York (5), or five Maryland branches, located in Baltimore (2), Bel Air, Fallston, Hunt Valley, and Westminster.
PeoplesBank (FDIC Certificate # 13879) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.01% (excellent) based on December 31, 2015 data. In the past year, PeoplesBank has increased its total deposits by $152.11 million, an excellent annual growth rate of 15.9%. Please refer to our financial overview of PeoplesBank for more details.
PeoplesBank’s history stretches back more than 150 years: on June 1, 1864, the First National Bank of Glen Rock opened its doors with $50k in capital. Starting a new bank during the height of the Civil War near the Mason-Dixon Line probably aren’t the optimum conditions, but it worked. The Bank was first insured by the FDIC in 1934, when its name was changed to Peoples Bank of Glen Rock. A reorganization occurred in 1987 and the PeoplesBank moniker was adopted. Today, PeoplesBank is the 22nd largest bank in Pennsylvania, with assets in excess of $1.4 billion.
How the CD Compares
When compared to the 135 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within PeoplesBank’s market area, the 16-Month CD Special currently ranks fourth.
The above rates are accurate as of 5/6/2016.