Beneficial was a regional bank dedicated to serving Philadelphia and the Delaware Valley, and it was known for financial reliability and security. The bank dated back to 1853 and had a rich history; in fact, Beneficial Bank's website boasted that its history is “as rich as the history of Philadelphia itself.” The bank began as an institution dedicated to serving the working class of Philadelphia, and it has evolved into a sophisticated, full-service financial institution. Beneficial was both the oldest and largest bank headquartered in Philadelphia until its acquisition by WSFS in 2019.
Beneficial Bank had around $5 billion in assets and maintained over 60 branches in the Delaware Valley. Beneficial's main consumer offerings were broken into two categories. The first category, Personal Banking, covered standard, everyday financial accounts. These included, checking accounts, savings accounts, certificates of deposit (CDs) and IRAs, money market accounts, and even foreign currency services for those traveling abroad.
Additionally, Beneficial Bank, which never originated the toxic subprime loans that caused our most recent financial meltdown, offered numerous home financing options to homeowners in Pennsylvania and New Jersey. This included traditional home mortgage loans and refinance options, home equity loans, and home equity lines of credit.
Beneficial was an excellent option for consumers located in the Delaware Valley. That said, your research shouldn't stop here. Interested in seeing how Beneficial Bank interest rates stack up against the competition? Use our free comparison shopping service now!
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