Second Federal Savings and Loan Association of Philadelphia (Second Federal) is currently offer two limited-time CD Specials: 29-month (1.20% APY) and 19-month (0.80% APY). The minimum opening for either CD Special is $5k, with no stated balance cap. According to a bank official, there is no stated end-date for the CD Specials, but they will be available “through at least next Friday” (February 12).
Both CD Specials are also offered as IRA CD Specials, earning the same APYs with the same deposit requirements.
The Early Withdrawal Penalty (EWP) is based on the term-length and is substantial: dividends earned (or would be earned) during half of the term-length. In other words, the EWP for the 29-month CD Special is 14 ½ months of dividends and 9 ½ months of dividends for the 19-month CD Special. Partial withdrawals are allowed, as long the balance doesn’t fall below the minimum deposit of $5k.
Second Federal also offers competitive rates on its long-term CDs, which can be opened with a $500 minimum deposit. These CDs are available as IRA CDs, earning the same APYs with the same deposit requirements. The same 50% EWP also applies.
Headquartered in Philadelphia, Pennsylvania, Second Federal’s market area is the greater Philadelphia metropolitan area.
Second Federal’s CD page has an “Open Account” button, but it leads to a “Contact Me” form. While existing Second Federal customers can open a CD Special over phone or by mail, new customers must open a CD Special in-branch at the one Philadelphia branch, located on Chestnut Street.
Second Federal’s hours of operation are Monday-Friday, 9am-1pm, but the bank official I spoke with stated appointments can be made as late as 3 or 4 pm.
Second Federal has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on September 30, 2020 data. In the past year, Second Federal has increased its total non-brokered deposits by $1 million, an excellent annual growth rate of 11.83%. Please refer to our financial overview of Second Federal (FDIC Certificate # 29627) for more details.
Established in 1924, Second Federal Savings and Loan Association of Philadelphia is a small financial institution, with $19.6 million in assets. While there are more than 30 “First Federal S&Ls” in the country, there are only two Second Federal S&Ls.
How the CD Specials Compare
When compared to 316 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less and are available within the market area, Second Federal's 29-month CD Special APY currently ranks first.
When compared to 243 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $5k or less and are available within the market area, Second Federal's 19-month CD Special APY currently ranks third.
The above rates are accurate as of 2/4/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.