Dedicated to Deposits: Deals, Data, and Discussion

5.59% 6-Month CD and 5.45% Savings Account ($25K Min) at Geauga Savings Bank

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Geauga Savings Bank is offering very competitive rates on 6-month and 3-month certificates of deposit with a minimum balance of $25,000. These include a 5.59% APY 6-month CD and a 5.56% APY 3-month CD. Instructions are provided for faxing your application and wiring in the funds.

The bank also has a savings account that's paying 5.45% APY for balances over $25K. According to the website, the rate is guaranteed through July 15, 2007. This rate is up from 5.40% when I reported on this bank last July. For the full details of this savings account, please refer to that Geauga Savings Account post.

In July, I had received several details from the CSR. I haven't called again to see if anything has changed, but based on the website, it doesn't appear much has changed. However, I did noticed they added a FAQ page. One big downside is that interest is only paid annually. However, if you close the account, you wouldn't lose interest. Another downside is the lack of online banking, but you can initiate ACH debits and deposits from your other bank. No interest is earned and there's a $10/month fee for balances under $25K. Even though it doesn't have the best features, the rates continue to remain very competitive.

Geauga Savings Bank branches are located in Ohio. It's FDIC insured. Bankrate.com rates it 3 out of 5 stars for financial strength (performing).

Thanks to the reader who emailed me this info.


Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Opened a signature savings account yesterday 4/11/07. What a treat one simple application and drivers license id. was required. None of the notarized copies of this and that many other financial institutions require. DJW

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad they made the application process easy. Did you fund the account by check? Looks like they still don't have an ACH transfer system, but at least you should be able to push/pull ACH transfers from another account.

1
Comment #3 by Anonymous posted on
Anonymous
Opened account on line and I wired the money the following day 4/11/07. DJW

1
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
As of 6/23/07, they don't seem to be advertising their savings account on their website. For deposit products, they are now only showing CDs.

1