Primary Bank (New England) Adds 2-Year Anniversary CD, 2.00% APY

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Deal Summary: 2-Year Anniversary CD, 2.00% APY; 3-Year CD, 2.25% APY; no minimum deposit.

Availability: Market area now includes New Hampshire, Connecticut, Maine, Massachusetts, Rhode Island, and Vermont.

New Hampshire-based Primary Bank celebrated its second anniversary at the end of July. The traditional gift for a second anniversary in the U.S. is cotton – think bed linens, not a bale of cotton. Primary Bank came up with a better idea: a 2-year Anniversary CD (2.00% APY). According to the Bank’s website, there is no minimum balance requirement, nor a stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%$1k-Primary Bank2 Year CD
2.00%$1k-Primary Bank2 Year IRA
Accounts mentioned in this post. Rates as of August 18, 2017.

The 2-year CD is also available as an IRA (Traditional), earning the same APY and with the same funding requirements.

Added to the product line in August 2015, the 2-year CD has had three rate increases, totaling of 120 bps.

I wrote about Primary Bank’s 3-year CD (2.25% APY) in April, following a 24 bps increase; that APY is still in effect. Coincidentally, the 3-year CD’s APY equals that of the Bank's 4- and 5-year CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25%--Primary Bank3 Year CD
2.25%$1k-Primary Bank3 Year IRA
Accounts mentioned in this post. Rates as of August 18, 2017.

According to CSR, the Early Withdrawal Penalty for the 2-year Anniversary CD is 12 months of dividends, and 15 months dividends for the 3-year CD.

Availability

Headquartered in Bedford, New Hampshire, Primary Bank now offers its product line and services to residents of New Hampshire, Connecticut, Maine, Massachusetts, Rhode Island, and Vermont. In the past four months, Primary Bank has expanded its market area and introduced an online application.

Opening a CD can be done online, or at the single New Hampshire branch located on Route 101 in Bedford.

Bank Overview

Primary Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on March 31, 2017 data. In the past year, Primary Bank has increased its total non-brokered deposits by $59.19 million, an amazing annual growth rate of 343.27%. Please refer to our financial overview of Primary Bank (FDIC Certificate # 59086) for more details.

Established in 2015, Primary Bank is the second newest bank to open in the country since the Great Recession, and the first new bank to open in New Hampshire in seven years. The Bank’s original target market was local small-to-medium sized businesses that had limited banking choices. Within the last four months, the Bank has expanded its footprint to cover New England.

Primary Bank was named by Capital Regional Development Council’s (CRDC) 2016 Bank of the Year, “based on highest dollar volume of lending of loans referred to CRDC in the fiscal year ending September 30.” CRDC is a non-profit development corporation that provides a variety of economic development services to businesses and local governments throughout New Hampshire.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Primary Bank’s 2-Year Anniversary CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
2.00% APY2-Year Anniversary CDPrimary Bank
1.83% APY2-Year CDKS StateBank
1.81% APY24-Months CDFirst Internet Bank

When compared to the similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the market area, Primary Bank’s 3-Year CD APY currently ranks first.

Interest RateCD Length of TermCredit Union/Bank
2.25% APY3-Year CDPrimary Bank
2.02% APY36-Month CDHaverhill Bank
2.00% APY36-Months CDTIAA Direct

The above rates are accurate as of 8/8/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

Related Pages: Boston CD rates, 5-year CD rates

Comments
Primary Bank (NH) Adds Choice Money Market w/Guaranteed Rate

Deal Summary: Choice Money Market; 1.11% APY up to $500k; rate guaranteed through January 11, 2018; $10k minimum opening deposit. 3-Year CD; 2.25% APY; no minimum deposit

Availability: New Hampshire

About six weeks ago, Primary Bank added two limited-time Choice CDs: 2-year (1.50% APY) and 4-year (2.25% APY). As of today, they are both still available.

Primary Bank is continuing to offer more competitive products with its new Choice Money Market (1.11% APY) and 3-year CD (2.25% APY).

Choice Money Market

The Choice Money Market account is a new...

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Primary Bank (NH) Has Limited Time 2- And 4-Year Choice CDs

Deal Summary: 4-Year Choice CD, 2.25% APY; 2-Year Choice CD, 1.50% APY; $10k minimum deposit

Availability: New Hampshire

For a limited time, Primary Bank is offering two special CDs: 2-year Choice CD (1.50% APY) and 4-year Choice CD (2.25% APY). The minimum deposit is $10k, with no stated balance cap. Of the two, the 4-year Choice CD is the more competitive.

According to CSR, the Early Withdrawal Penalty for the 2-year Choice CD is 12 months dividends and 15 months dividends for the 4-year Choice CD.

Availability

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