Beneficial Bank, headquartered in Philadelphia, Pennsylvania, is one of the oldest banks in operation, having opened its doors in 1853 as the Beneficial Saving Fund Society of Philadelphia. Today, as the much more succinct Beneficial Bank, it stands as the oldest and largest bank headquartered in in Philadelphia, holding nearly $6 billion in assets, offering nearly 70 unique financial services and operating 62 offices throughout Pennsylvania and New Jersey.
When it comes to its certificate of deposit (CD) rates, Beneficial Bank offers some of the best rates you can find, especially for a small regional bank in the Mid-Atlantic part of the country, where countless would-be competitors fall distinctly behind.
In order to open a CD account with Beneficial Bank, you must first make a $500 minimum deposit. This is a typical starting deposit for many banks, and it’s actually fairly generous. Combined with the extremely high APYs attached to all the CD account terms, Beneficial emerges as a crystal clear favorite, especially compared to the CD rates of many other banks.
Beneficial Bank’s very high rates are even more impressive when you consider that they manage to offer their customers such fantastic interest rates on top of maintaining a vast physical presence, with over 60 branches across Pennsylvania and New Jersey. Beneficial Bank’s brick-and-mortar storefronts must be paid for in order to maintain their customer’s loyalty, and they cover the costs without much burden on the consumer. This is a rare compromise, and one that should not be overlooked.
It’s best to decide which CD account term will work best for you depending on such factors as when you’ll need to tap into your savings, how much money you can presently afford to put away and how long you can afford to wait for your investment to mature.
You can open a CD at Beneficial from anywhere as short as three months to as long as five years, though its 3-5 month long CDs are not available for any IRA. You can pick which term works best for you based on the APY rate and monthly compounds. But take heed: CD rates are regularly updated, so it’s important to stay on top of them so as to avoid losing track of your expected profits.
|CD Term||Minimum Deposit||APY|
|3 - 5 Month||$500||1.51%||Compare CD Rates|
|6 - 11 Month||$500||1.77%||Compare CD Rates|
|12 - 23 Month||$500||2.02%||Compare CD Rates|
|24 - 35 Month||$500||2.27%||Compare CD Rates|
|36 - 47 Month||$500||2.79%||Compare CD Rates|
|48 - 59 Month||$500||3.04%||Compare CD Rates|
|60 Month||$500||3.30%||Compare CD Rates|
2-Year CD Interest Rate Comparison
Overview of Beneficial Bank CDs
At first glance, it may not come across just how unusually excellent Beneficial’s CD rates are. But compared to a number of local bank offerings. Indeed, for a chain of its size, Beneficial offers both an impressive range of CD account term lengths to choose from (alongside its wide sample of checkings, savings and money market accounts) complete with reasonable APY rates. But don’t act too quickly: before signing up, take a moment to compare Beneficial’s rates with some of the best CD rates in the country. Because it serves a comparatively small population, Beneficial typically will recommend making an appointment for an in-person consultation with one of its bankers.
How Much You Earn With Beneficial Bank CDs Over Time
It goes without saying: the more money you invest in the account, the more you’ll eventually make. But given the excellent CD rates offered by Beneficial Bank, even if you store away a small amount of money, your payoff will be substantial. Here’s a breakdown of some of Beneficial Bank’s common starting deposits and CD terms, listed by initial deposit amount:
|Initial Deposit||6-Month CD||18-Month CD||5-Year CD|
How Beneficial Bank CD Rates Compare to Other Banks’
Across the board, Beneficial Bank CDs far outshine competitors such as Ally Bank or Goldman Sachs. However, don’t forget that Beneficial only operates in two states, and as such, its client count and total assets come out to much lower than at those nationwide competitors. In fact, there aren’t any full-fledged Beneficial Bank branches beyond Pennsylvania and New Jersey, meaning that its entire business operation is quite small and locally focused. This small-scale business plan offers unique benefits that its much larger competitors cannot. All that said, here’s how Beneficial Bank CD account APYs compare to those of Ally Bank and Marcus by Goldman Sachs, two online banks, and Chase, a national bank with particularly low rates:
|CD Term||Beneficial Bank||Ally Bank||Marcus by Goldman Sachs||Chase|
Compare Beneficial Bank to Other Competitive Offers
Should You get a Beneficial CD Account?
If you live in Philadelphia and have at least $500 to put away, opening a CD account with Beneficial may be among the best financial decisions you can make. Their extremely high CD rates combined with their stellar customer service and dozens of physical branches makes for an assuredly superior banking experience. Their rates far surpass those of their competitors and their comprehensive listing of rates and account offers on their website ensure that you can easily find the answers you need.