Over the weekend, Phoenixville Federal Bank & Trust increased the rate on its 49-60 month Growth CD (2.35% APY). The minimum opening deposit is $500, with no stated balance cap.
In the past seven months, the 49-60 month Growth CD has experienced three rate increases, adding a total of 75 bps. The new 2.35% APY is the highest rate since the Growth CD was added to the product line more than six years ago.
|2.45%||$500||-||Phoenixville Federal Bank and Trust||49 - 60 Month Growth CD|
|2.45%||$500||-||Phoenixville Federal Bank and Trust||49 - 60 Month Growth IRA CD|
The 49-60 month Growth CD is also offered as an IRA (Traditional), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is 180 days interest.
Headquartered in Phoenixville, Pennsylvania, Phoenixville Federal Bank & Trust’s market area includes the counties of Berks, Bucks, Chester, Delaware, and Montgomery.
Opening a Growth CD must be done at any of five Pennsylvania branches, located in Collegeville, Kimberton, Limerick, Phoenixville, and Royersford. While the Bank does have an online application, only checking accounts and savings accounts can be opened online.
Phoenixville Federal Bank & Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.05% (excellent) based on June 30, 2017 data. In the past year, the Bank increased its total non-brokered deposits by $19.36 million, an excellent growth rate of 5.33%. Please refer to our financial overview of Phoenixville Federal Bank & Trust (FDIC Certificate # 29995) for more details.
In 1911 in the tiny village of Oaks, Pennsylvania, a group of local residents formed the Oaks Building & Loan Association to help their neighbors secure home mortgages. For the next 27 years, the B&L monthly meetings were held in a variety of locations, including the private residences of members. In 1938, the B&L opened its first branch location in the Borough of Phoenixville and applied for a federal charter, which was granted in 1939. The new charter prompted a name change, and the B&L became the Phoenixville Federal Savings & Loan Association. Following the establishment of the Trust & Wealth Management and Investment Brokerage division, the name was changed to Phoenixville Federal Bank & Trust in 2003.
How the Growth CD Compares
When compared to the 293 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Phoenixville Federal Bank & Trust’s 49-60 Month Growth CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.35% APY||49-60 Month Growth CD||Phoenixville Federal Bank & Trust|
|2.26% APY||48-Month Share Certificate||American Heritage Federal Credit Union|
|2.25% APY||49-Months Share Certificate Special||NASA Federal Credit Union|
The above rates are accurate as of 11/3/2017.