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