Get it while you can. Customers Bank, with branches in Pennsylvania, New Jersey, and New York is offering a special 1.5% APY 12-month CD special. That's 3x the national average of 0.50% APY for that term. The CD also has a low minimum balance of $500. The offer isn't listed on the bank's website.
I spoke to Customers about the offer and they said it is valid but it will only be good until through Saturday, April 14, so if you want to take advantage of the rate you'll need to get moving. The CD can only be opened via one of the bank's branches (find a branch near you).
Customers' has a Texas ratio of 61.83 versus the national average of 19.96%. That's on the higher end but still short of the red zone above 100% that might indicate severe bank stress and possible failure. Customers deposits are also FDIC insured. The bank's assets have grown from $234 million in 2006 to $2 billion in 2011. Such a steep increase is usually a sign of an acquisition and that is the case. In 2010 Customers purchased USA Bank of Port Chester, NY and ISN Bank in Cherry Hill, NJ. The acquisition of Berkshire Bancorp and its five banking offices in Berks County was completed on September 17, 2011.
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