Harbor Bank of Maryland Has 60-Month CD Special, 3.56% APY

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Deal Summary: 60-month CD Special, 3.56% APY, $1k minimum deposit, new money, available through April 30, 2019.

Availability: Online market area includes Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.15%$1k-The Harbor Bank of Maryland60 Month CD Special - New Money
Rates as of May 23, 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.15%$1k-The Harbor Bank of Maryland60 Month IRA Special - New Money
Rates as of May 23, 2019.

According to CSR, the Early Withdrawal Penalty is six months interest on the amount being withdrawn, with partial withdrawals allowed.

Availability

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.

Bank Overview

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.

Related Pages: Washington CD rates, Baltimore CD rates, 5-year CD rates, IRA CD rates

Comments
Sam
Sam   |     |   Comment #1
Does anyone the options for maturing CD's? How to prevent automatic renewal and get the money transferred out?
Mak
Mak   |     |   Comment #2
Call them and ask, some you can do online, some you can call in and others you have to put it in writing..... all depends on the bank or credit union.
mc
mc   |     |   Comment #3
Thanks, Ken, for this find for two reasons: 1.) It's a new-to-me credit union that I can join and 2.) It has CDs at an attractive interest rate.

The deal mentioned in this posting does not seem to be listed under the CD Rates listing function. I'm guessing that's because the institution has a limited geographic market area. If this is so, it's kind of a problem since some very juicy deals could go unnoticed by eligible searchers. As far as I can tell the Advanced Options / Select All check box applies only to industry affiliations allowing membership and not to geographic location.

Perhaps this "gap" could be closed in some way so that users can search ALL known offerings for what is relevant and useful for them.

While I’m at it, how do you find offerings that aren’t full years in length such as 3-½% years?

Thanks a lot.
losingtrader
losingtrader   |     |   Comment #4
MC, it's not a credit union. It's a bank. Harbor Bank?
pradcliffe
pradcliffe   |     |   Comment #5
Says "partial withdrawals" allowed. Anyone know the details of what that means?
Anonymous
Anonymous   |     |   Comment #6
Ended 4/30/19. Rates now lower.
The Harbor Bank of Maryland Offers 60-Month CD Special, 3.56% APY
Deal Summary: 60-month CD Special (3.56% APY), 60-month IRA Special (3.71% APY), $1k min deposit new money, available through January 31, 2019.

Availability: Online market area includes Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia.

Now through the end of January, The Harbor Bank of Maryland (Harbor Bank) is offering a series of four CD Specials, including a competitive 60-month (3.56% APY). The minimum deposit is $1k of new money, with no stated balance cap.

The 60-month CD is also offered...

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