Local Rates

Philadelphia CD Rates Survey for the week February 6, 2012

According to a recent Primerates.com survey conducted on February 6, 2012 of Philadelphia CD rates offered by the area banks & credit unions, Philadelphia’s largest financial institutions offered short-term savers 6 month CD’s with rates between 0.05% at Wells Fargo (www.WellsFargo.com) and 0.50% at Beneficial Mutual (www.thebeneficial.com).   Beneficial Mutual also continues to have the highest rates for 1-4 year terms.  TD Bank (www.TDBankNorth.com) holds the highest 5-year CD rate at 1.74%.

PNC Bank (www.PNC.com) has reduced most of its rates by 0.05%-0.10%, and Citizens Bank (www.citizensbank.com) has reduced its 5-year CD from1.00% to 0.50%.

CD’s are typically insured up to $250,000 by the FDIC.  As CD’s mature, banks typically re-price the rates on deposits.  Make sure that you track when your CD’s mature so that you can roll them over into new CD’s and keep your money working as hard as possible.

 

Banks 6 months 1 year 2 year 3 year 4 year 5 year
TD Bank 0.30% 0.20% 0.80% 0.90% 1.00% 1.74%
Wells Fargo 0.05% 0.05% 0.55% 0.90% 1.15% 1.15%
PNC Bank 0.10% 0.20% 0.35% 0.40% 0.75% 1.00%
Citizens Bank NA 0.05% 0.25% NA NA 0.50%
Bank of America 0.30% 0.35% 0.40% 0.60% 0.85% 1.20%
Manufacturers & Traders 0.20% 0.25% 0.25% 0.40% NA NA
Sovereign Bank NA 0.15% 0.20% 0.30% NA NA
Beneficial Mutual 0.50% 0.75% 1.00% 1.25% 1.49% 1.49%
Citibank 0.15% 0.25% 0.30% 0.50% 0.75% 1.00%
Wilmington 0.10% 0.15% 0.20% 0.30% 0.55% 0.70%

 

Rates from banks, thrifts and credit union were posted on their websites on the date indicated for a $10,000 certificates of deposit meeting the specific holding requirement.  Data is believed accurate at time of collection, can change without notice, and will vary.  Contact a specific institution for current rates.

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