When I first wrote about The Harbor Bank of Maryland’s (Harbor Bank) 60-month CD Special in January, its 3.56% APY was a good rate, but nothing outstanding. It was also supposed to be a limited-time offer, expiring at the end of January. Three months later, the 3.56% APY is still in effect and its standing has improved greatly, as many other 5-year CD rates have dropped. The minimum deposit is still $1k of new money, with no stated balance cap. According to the fine print on Harbor Bank’s rate page, the 3.56% APY is guaranteed through April 30, 2019.
In January, the 60-month CD Special was offered as an IRA (Traditional) earning 3.71% APY; that rate was recently lowered by 46 bps, reducing the 60-month IRA Special’s wow factor. The IRA Special can be opened with a minimum of $1k of new money.
According to CSR, the Early Withdrawal Penalty is six months interest on the amount being withdrawn, with partial withdrawals allowed.
Headquartered in Baltimore, The Harbor Bank of Maryland’s online market area includes Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia.
The first step toward opening a CD or IRA Special is filling out the online application. A phone call from Harbor Bank will complete the process. A new CD/IRA Special can be funding by ACH, wire transfer, or check. CDs/IRAs can also be opened at any of the seven Maryland branches, located in Baltimore (5), Randallstown, and Riverdale.
The Harbor Bank of Maryland has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 8.88%, based on December 31, 2018 data. Harbor Bank has an average capitalization level (8.05%), the result of holding $282.6 million in assets with $22.76 million in equity. Please refer to our financial overview of The Harbor Bank of Maryland (FDIC Certificate # 24015) for more details.
Established in September 1983, The Harbor Bank of Maryland is Baltimore’s first and only minority-owned commercial bank. According to Joseph Haskins, Jr., Harbor Bank’s Chairman, President and CEO,
The original intent of the bank was to service the Baltimore metropolitan community,
and essentially have a focus on providing banking services for the minority community.
Other “firsts” Harbor Bank has achieved include being the first community bank in the country to have an Investment Subsidiary (Harbor Financial Services), and the first Mortgage Department in Maryland to receive Fannie Mae funding under the Community Development Financial Institution Program.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the online market area, The Harbor Bank of Maryland’s 60-month CD Special APY currently ranks first.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
How the IRA Special Compares
When compared to the similar length-of-term IRAs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the online market area, The Harbor Bank of Maryland’s 60-month IRA Special APY currently ranks second.
To look for the best IRA rates, either nationwide and state specific, please refer to our IRA Rates Table page.
The above rates are accurate as of 4/17/2019.