DA readers who follow the bi-weekly CD Rates Summary are probably familiar with the top-rate CDs offered by New Hampshire-based Primary Bank. While these CDs appeared in the Summary’s nationally available categories for the past several months, a recent change in Primary Bank’s market area now limits the availability to New England residents.
Of the eight CDs in Primary Bank’s product line, the 4-year and 5-year CDs have the most competitive rates. As stated on the Consumers Deposit Rates page, the minimum opening deposit is $1k, with no stated balance cap.
|0.95%||$1k||-||Primary Bank||5 Year CD|
|0.95%||$1k||-||Primary Bank||5 Year IRA|
|0.85%||$1k||-||Primary Bank||4 Year IRA|
|0.85%||$1k||-||Primary Bank||4 Year CD|
The CDs are also available as IRA CDs (Traditional), earning the same APYs with the same deposit requirements.
According to CSR, the Early Withdrawal Penalty for the 4-year and 5-year CDs is a substantial 15 months of interest.
Headquartered in Bedford, New Hampshire, Primary Bank’s market area has changed a few times since the Bank’s opened its doors for business in 2015. Initially, the product line was only available in New Hampshire. Within two years, an online application was added and the product line became available to the residents of New Hampshire, Connecticut, Maine, Massachusetts, Rhode Island, and Vermont. In late 2019, Primary Bank CDs became available nationwide, but as of this week, the following statement appears on the first page of the online application.
We currently only accept online applications from residents of NH, MA, ME, VT, RI, and CT.
Primary Bank lobbies have re-opened and we are operating regular business hours.
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 June 30, 2020 data. In the past year, Primary Bank has increased its total non-brokered deposits by $165.19 million, an excellent annual growth rate of 83.66%. Please refer to our financial overview of Primary Bank (FDIC Certificate # 59086) for more details.
Established in 2015, Primary Bank was the second new 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. As a locally-owned and operated financial institution, Primary Bank is celebrating its 5th anniversary by giving back to the community.
We're giving away $30,000 to be divided among five (5) nonprofit organizations. Each will receive a donation, but your votes will decide the amount. The five finalists are:
1. Granite State Dog Recovery
2. Granite YMCA
3. Fueled by Kids
4. Jason R Flood Memorial
5. Palace Theatres
Starting Monday October 12th, you'll have an opportunity to cast your vote for one of the finalists. One (1) organization will be awarded $20,000 and four (4) organizations will receive $2,500 based on the number of votes received. One vote per person. Votes accepted through 11:59pm on October 23, 2020.
How the CDs Compare
Primary Bank’s multi-state market area makes a comparison to nationally available CDs appropriate. When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a similar minimum deposit, Primary Bank’s 4-Year CD APY currently ranks third.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide and require a similar minimum deposit, Primary Bank’s 5-Year CD APY currently ranks fifth.
The above rates are accurate as of 10/23/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.