Parke Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Parke Bank’s checking account options

Basic Checking

You’ll need to keep at least $100 in this account at all times or you’ll be stung with a $7 monthly fee.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $7 if your account balance falls below $100
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

If you want to bank at Parke Bank and don’t want all the fuss of keeping a high balance to avoid fees, this is your go-to account. Unfortunately, you still can’t totally coast with this account, like you can with many other banks and credit unions — you’ll still need to meet a minimum balance requirement of $100 each month, otherwise you’ll pay a $7 fee.

This account does not earn any interest.

How to get Parke Bank’s Basic Checking account

If you want to open Parke Bank’s Basic Checking account, you’ll need to head over to a Parke Bank branch. Bring two forms of I.D. with you, such as a driver’s license and a passport.

SEE DETAILS Secured

on Parke Bank’s secure website

Platinum NOW

This tiered checking account doesn’t offer a bad rate, but it does come with a bad monthly fee if your balance drops below $1,000.
APYMinimum Balance to Earn APY
0.30%
$1,000-$9,999.99
0.35%
$10,000-$49,999.99
0.45%
$50,000-$499,999.99
0.45%
$500,000+
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: $7 if your account balance falls below $1,000
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

This is the highest-yielding checking account at Parke Bank. It’s also not an account for people who don’t keep a lot of cash in their checking accounts — that’s because if your account balance ever goes under $1,000, you’ll pay a steep $7 monthly fee.

It’s also unlikely you’d be able to recoup that amount back again with any interest gains given the interest rates offered on these accounts, unless you keep a large amount of money in the account. Even then, be careful: FDIC insurance only covers you up to a deposit amount of $250,000.

How to get Parke Bank’s Platinum NOW account

You’ll need to bring two forms of ID with you, such as a driver’s license and a passport, when you go to open this account. You’ll need to open it in a local branch, since you can’t open it online unfortunately.

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

Parke Plus 55

This interest-bearing checking account offers fair terms to those aged 55 or over.
APYMinimum Balance to Earn APY
0.35%
$0.01
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

Parke Bank charges a lot of fees for its checking accounts, but this account is an exception. It comes with no monthly fees, no account balance requirements, and it pays interest. You even get free basic checks with the account.

The only catch is that you have to be age 55 or older to open this account. About the only thing that would make this account better is if it offered free ATM surcharge fee rebates, or discounts on products such as safe deposit boxes or loans.

How to get Parke Bank’s Parke Plus 55 account

You’ll need to prove your age and identification details before you can open this account by bringing in at least two forms of ID. These can include your driver’s license, Social Security card, passport, etc. There isn’t any way to open this account online, over the phone, or by mail, so you’ll need to visit a local branch.

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

New Jersey Consumer Checking

This account — mandated by the state — is not worth your time.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $3
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

All New Jersey banks and credit unions are required by state law to offer a special “New Jersey Consumer Checking” account. This non-interest-bearing account is Parke Bank’s response to that directive.

One of the things the law did was specify what fees and limitations banks are allowed to place on the account. Curiously enough, Parke Bank has maxed out all of the limitations and the fees as allowed under the law. For example, the law says that banks “may not charge you more than $3 per month as a service charge.” So, Parke Bank does just that — it charges the maximum of $3 per month, with no way to avoid the fee. It’ll be with you for the life of the account.

You’re also limited to making just eight withdrawals per month out of this account. If you exceed that limit, you’ll be hit with a 50-cent penalty. You also must keep at least $1 in the account at all times, otherwise the account will become inactive.

How to get Parke Bank’s New Jersey Consumer Checking account

If for some reason you decide to open this account, you’ll need to do so in a Parke Bank branch. Remember to bring two forms of ID with you to complete the account application process.

SEE DETAILS Secured

on Parke Bank’s secure website

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How Parke Bank’s checking accounts compare

We’re not a fan of any of these checking accounts. The interest rates offered on these checking accounts are better than nothing — akin to the 0.01% as some mega-banks offer — but there are far too many other higher-yielding checking account options out there that come with better banking policies.

We also don’t like the fees that come with these accounts. If you should ever find yourself paying them, there’s a good chance that the charge will wipe out any interest earnings you’ve received for that month.

Parke Bank’s savings account options

Passbook Savings

Watch out for the monthly fee that comes with this account if your balance drops below $100.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $7 if your account balance falls below $100
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

This Passbook Savings account still requires an actual passbook to make a transaction. It’s a quaint touch until you realize that you’ll need to bring it with you to the bank every time you want to deposit money.

You can use an ATM to make cash withdrawals from your account, though you can’t make deposits or get any balance information from the machine. You can also move money around online. All these “modern” functions will be entered into your passbook when you come into the bank the next time.

You’ll earn interest as long as you have money in the account; it’ll be tallied up and added to your account on a monthly basis. But make sure you keep at least $100 in the account at all times, otherwise you’ll pay a $7 monthly fee. Since this is a savings account governed by federal Regulation D guidelines, you are allowed to make up to six certain withdrawals out of the account per month. After that, Parke Bank will charge you $15 per withdrawal.

How to get Parke Bank’s Passbook Savings account

You’ll need to open this account at a local branch. You’ll also need to bring two forms of ID with you, such as a passport and a driver’s license.

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

Statement Savings

This savings account comes with an ATM card.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $7 if your balance falls below $100
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

This account is basically the same thing as the Passbook Savings account, even down to the interest rate offered — the only difference is that it comes with an ATM card rather than a passbook.

This is a great account to have as overdraft protection for your checking account. You can link the two so that if your checking account is overdrawn, Parke Bank will transfer money to cover the amount for free from this account instead of charging you a $30 fee. Also remember to limit your withdrawals to just six per month, since you’ll pay a $15 per-withdrawal fee after that.

How to get Parke Bank’s Statement Savings account

Unfortunately, there is no option to open this account online. You’ll need to bring two forms of ID with you to a local Parke Bank branch.

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

Holiday Club Savings

This account helps you save for the often-expensive holiday season.
APYMinimum Balance to Earn APY
0.45%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: None
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

If you’re a chronic holiday overspender, this account might help you better prepare financially. You can open it at any time. There are two options for opening this account: you can either open it as a passbook savings account and make in-person deposits whenever you feel like it, or set up automatic transfers according to a schedule and amount you specify (such as monthly, biweekly, etc.).

Each October, Parke Bank will mail you a check with the full balance of the account. But the account doesn’t automatically close out at this point — rather, it will remain open, and if you’ve set up automatic transfers into the account, they’ll continue until you officially close the account.

How to get Parke Bank’s Holiday Club Savings account

Head over to a local Parke Bank branch if you’re interested in opening one of these Holiday Club Savings accounts. The bank requires two forms of ID for you to open an account, such as a social security card or a driver’s license.

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s savings accounts compare

Parke Bank offers higher-than-average rates on its savings accounts, but they’re not that much higher. They’re still a far cry from the current best online savings accounts, many of which are offering rates that are five times higher.

It is nice that the bank offers a Holiday Club Savings account. Typically, these types of accounts are more common at credit unions, and for people who really use them, they can be very helpful. But you don’t necessarily need a Holiday Club account to save for the holidays. You can also do a de-facto Holiday Club account on your own by finding a high-yield savings account and setting up your own automatic deposits.

Parke Bank’s CD rates

Certificates of Deposit

Parke Bank CDs offer a relatively small range of term lengths compared to many other banks and credit unions.
TermAPY
6 months0.75%
12 months1.01%
18 months1.11%
24 months1.16%
36 months1.21%
48 months1.26%
60 months1.34%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 6 months’ worth of interest for all CDs, regardless of term length

If you’re looking to earn the highest rates on your deposit at Parke Bank, these are the accounts for you. You get a small number of options — a mere seven choices — to choose for your term length.Parke Bank allows you to receive interest payments on a regular schedule, either monthly, quarterly, or when the CD matures. It’s usually a good idea to let the interest stay with the CD and compound until it matures to earn the most amount of money possible.

How to get Parke Bank’s CDs

Head over to a local branch if you’re interested in opening a CD. Unfortunately, you can’t open CDs online or over the phone.

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on Alliant Credit Union’s secure website

NCUA Insured

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How Parke Bank’s CD rates compare

Parke Bank offers lower-than-average rates for its CDs — in fact, our favorite high-yielding CDs are offering rates two to three times higher than the CDs here. You can do much better by choosing another bank or credit union.

We also don’t like that Parke Bank doesn’t offer a very diverse selection of CD lengths. You can only choose from these seven options, and if that doesn’t fit your style, then you’re out of luck. You should be able to form a basic CD ladder with these CDs if that’s your preferred approach, but if you’re looking for anything fancy like a bump up CD or a CD that allows subsequent deposits, you’re out of luck at Parke Bank.

Parke Bank’s money market account option

Money Market

This account offers an even poorer interest rate than Parke Bank’s savings account, so we’re not really sure why you’d want to open this account at all.
APYMinimum Balance to Earn APY
0.30%
$1,000-$2,499.99
0.35%
Over $2,500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: $1,000
  • Monthly account maintenance fee: $7 if your balance falls below $1,000
  • ATM fee: Parke Bank doesn’t charge any ATM fees, but if you use a non-Parke Bank ATM, you will pay a surcharge fee from the ATM’s owner
  • ATM fee refund: None
  • Overdraft fee: $30 per item. If you set up a backup account for overdraft protection, overdraft transfers are free

Parke Bank says that this account “provides a higher interest rate than a traditional interest checking account.” Except, it doesn’t — Parke Bank is currently offering the same interest rate on its two interest-bearing checking accounts as the two interest rate tiers for this account.And while it’s nice you can write checks from this account, you’re still limited to making just six withdrawals per month out of the account (including writing any checks). Each transaction after that will cost you a steep $15 fee. Only a true checking account would allow you to make unlimited withdrawals for free (as long as it’s not the fee-heavy New Jersey Consumer Checking account).

How to get Parke Bank’s Money Market account

If you want to open this account, you’ll need to bring two forms of ID with you to a local Parke Bank branch. That’s because the bank requires you to open accounts in person. Acceptable forms of ID include things like your driver’s license, social security card, passport, etc…

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s money market account compares

Parke Bank’s money market account rates can’t hold a candle to the top-yielding money market accounts out there right now. Frankly, the rates offered on these accounts just make Parke Bank look silly. You can earn rates as high as 11 to 13 times higher by skipping Parke Bank in favor of one of these other options instead.

We also don’t like the high excess activity fee for going over six withdrawals per month. These penalty fees aren’t uncommon, but generally they’re not this high. If you think you might go over the six withdrawal limit on occasion, it’d be better to find a less fee-heavy money market account.

Parke Bank’s IRA account options

IRA CD

These IRA CDs are essentially the same thing as Parke Bank’s standard certificates of deposit.
TermAPY
6 months0.75%
12 months1.01%
18 months1.11%
24 months1.16%
36 months1.21%
48 months1.26%
60 months1.34%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: 6 months’ worth of interest for all CDs, regardless of term length

Parke Bank allows you just one option to save for retirement with its deposit accounts: IRA CDs. You can open any one of Parke Bank’s regular CDs as either a Traditional IRA or a Roth IRA.All it takes is a $500 deposit into the account to open a CD. If you need to withdraw money for some reason, you’ll have to pay an early withdrawal penalty fee. You’ll also need to keep the balance at least above $500; otherwise, you won’t earn any interest.

How to get Parke Bank’s IRA CDs

Parke Bank requires you to physically go in to a branch in order to open an account. You’ll need to have two pieces of ID on hand as well, such as a passport, driver’s license, or utility bills.

SEE DETAILS Secured

on Parke Bank’s secure website

Member FDIC

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How Parke Bank’s IRA CD rates compare

Parke Bank is left in the dust by its competitors. Most of the rates offered by higher-yielding IRA CD accounts are twice as high, if not more.

It’s really important to find the highest-yielding investments for your retirement funds. Most people don’t have enough retirement savings to begin with, and choosing a subpar retirement investment makes it even worse. You can think of it as an opportunity cost: by choosing a low-yielding account, you’re essentially giving up on returns you would have earned with a higher-yielding account. That’s why we always recommend to choose the highest-earning account, and IRA CDs especially are no exception to that.

Overall review of Parke Bank’s banking products

Parke Bank must have some devoted followers — it wouldn’t have survived for as long as it has if it didn’t — but we’re left scratching our heads with this bank.The interest rates offered on these accounts are low in every case, and you can find much better options for each account type. This is also a very fee-heavy bank, with monthly maintenance fees even on nearly every product. It’s also inconvenient to open an account with Parke Bank, since they physically require you to find your way into a branch.

Another strike against the bank is that it’s not very transparent with its account information. For example, we cannot find the ATM or overdraft policies listed anywhere on the website. Each bank account has a dedicated webpage, but it generally only has a few bits of information that’s far from enough to give you all that you need to know about whether an account is right for you.

If you want to know more, the bank directs you to fill out a contact form, but despite repeated efforts, we still could not get someone from the bank to respond via this route. One wonders if they even really want your business at all.

Our suggestion? Skip Parke Bank for something better. If you don’t mind banking online, there’s a world of better accounts out there. Even if you want to work with a small local bank, it shouldn’t be too hard to find a better bank or credit union near you.

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