Best certificate of deposit rates in Pennsylvania (Top 3)

July 13, 2009 No Comments »

Below are the top 3 CD rates available to residents in the state of Pennsylvania. Many of the institutions listed below will require you to actually stop in to one of their branches in order to sign-up and make the deposit into a CD account. After researching the highest yielding CD rates in Pennsylvania we found that the best rates come in the form of 20 month CDs, 36 month CDs and 60 month CDs. As you may already know, the highest yields generally come with the longest maturities, therefor when compiling this list we took the CD rates that beat the national average by the highest margins. You should also note that several local institutions within the state conduct CD promotions which are advertised only locally. So you may want to stop into your local branch and see what type of CD rate deals are going on (if any). A few weeks ago we covered Miners Bank and their phenomenal 24 month CD rate promotion which was yielding an unheard of 4.06% APY. Unfortunately for most Pennsylvania residents there was only a 2 week window in which you could apply.

Note: Sometimes national banks can offer better rates than local banks and credit unions (depending on where you live) so you may want to compare local Pennsylvania CD rates with nationwide offers.

Top 3 CD rates (Pennsylvania)

(clicking on the institution will bring you to their rates page)

East River Bank: Philadelphia, PA. 20 month CD yielding 2.65% APY with a minimum deposit amount of $2,000. This is a “special offer” by East River Bank and is only available for a limited time. East River Bank is a very small institution and only has two branches. One is located in Roxborough and the other is located in East Falls. East River’s mission statement is somewhat bland – to provide superior returns to it’s shareholders by combining quality products and services.

Police and Fire Federal Credit Union: Philadelphia, PA. 36 month CD yielding 3.25% APY with a minimum deposit amount of $500. Police and Fire FCU has very competitve CD rates for each maturity. A few of their other stand-out rates are a 24 month CD yielding 2.75% APY and their 5 year CD, which is yielding a whopping 4.0% APY. Generally employment-specific credit unions will offer more competitive rates than local banks simply becuase they are exclusive to join, they are not-for-profit and (in this instance) they are stricly serving city and federal employees. To become a member of this credit union you must either work in law enforcement or any other general emergency response organization within the greater Philadelphia region. You may also be eligible if you have family members within that employment niche.

Berks Community Federal Credit Union: Sinking Spring, PA. 60 month CD yielding 3.56% APY with a minimum deposit of $500. Berks Community Federal Credit Union was originally chartered as Dana Reading Federal Credit Union in 1953 by a small group of Parish Pressed Steel employees. Tired of poor service and interest rates at local banks, they formed the credit union to provide the Parish Pressed Steel employees with an alternative financial institution. Over the years, the credit union continued to grow. Today, they now serve approximately 8,000 members and have assets exceeding $47 million.

Pennsylvania State Employees Credit Union also has some noteworthy savings products. They are the 12th largest credit union in the United States. Membership is available nationally.

If you know of a CD rate higher than ones we have listed within the state of Pennsylvania, please share by leaving a comment!

Compare with today’s top CD rates nationwide below:

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