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.
|3.56%||$1k||-||The Harbor Bank of Maryland||60 Month CD Special - New Money|
The 60-month CD is also offered as an IRA (Traditional), but earns a higher 3.71% APY with the same $1k new money deposit requirement.
|3.71%||$1k||-||The Harbor Bank of Maryland||60 Month IRA Special - New Money|
According to CSR, the Early Withdrawal Penalty is six months interest on the amount being withdrawn, with partial withdrawals allowed.
Headquartered in Baltimore, The Harbor Bank of Maryland’s market area includes Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia, and the District of Columbia through its online application.
Opening a CD or IRA can be started online and will be completed through a phone call from Harbor Bank. Funding options include ACH, wire transfer, or check. CDs/IRAs can also be opened in-person at any of the seven Maryland branches, located in Baltimore (5), Randallstown, and Riverdale.
The Harbor Bank of Maryland has an overall health grade of "B" at DepositAccounts.com, with an excellent Texas Ratio of 9.10%, based on September 30, 2018 data. 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 IRA Special Compares
When compared to 215 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 first.
|Interest Rate||IRA Length of Term||Credit Union/Bank|
|3.71% APY||60-Month IRA Special||The Harbor Bank of Maryland|
|3.65% APY||5-Year IRA||INOVA Federal Credit Union|
|3.56% APY||60-Month IRA||United States Senate Federal Credit Union|
To look for the best IRA rates, either nationwide and state specific, please refer to our IRA Rates Table page.
How the CD Special Compares
When compared to 268 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 third.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.61% APY||Senior Citizen 5-Year CD||State Bank of India (IL)|
|3.60% APY||60+ Month CD Special||Northpointe Bank|
|3.56% APY||60-Month CD Special||The Harbor Bank of Maryland|
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
The above rates are accurate as of 1/10/2019.