Belmont Savings Bank in Ohio has several competitive short-term and mid-term CD rates, and there are even better deals that are not listed on the bank’s website. The bank currently offers an extra 25 basis points for Jumbo CDs with minimum deposit of $98,000. With this extra 25 basis points, all of the bank’s CDs become very competitive, and the short-term and mid-term CDs become hot deals. IRA CDs have the same rates for terms of 18 months and over. The best CD deal is the 12-month term. It has a 1.21% APY for a $500 minimum deposit and a 1.46% APY for a $98,000 minimum. Below are some of the best CD and Jumbo CD rates as of July 28, 2014:
- 1.11% APY 6-month ($98K min), 0.86% APY 6-month ($500 min)
- 1.46% APY 12-month ($98K min), 1.21% APY 12-month ($500 min)
- 1.56% APY 18-month ($98K min), 1.31% APY 18-month ($500 min)
- 1.61% APY 24-month ($98K min), 1.36% APY 24-month ($500 min)
According to the small print under the bank’s rate table, "Belmont Savings Bank only accepts deposits within a 50 mile radius of their offices."
The bank has branches in the Ohio cities of Bellaire, St. Clairsville, Powhatan and Barnesville. A 50-mile radius from these branches covers much of southeast Ohio.
One interesting aspect of this bank is that it’s a mutual savings bank which makes it similar to a credit union. According to the bank’s history page:
one of fewer than 700 mutual savings banks left in the country, Belmont Savings Bank does not have stock holders and is able to provide the community with higher than average interest rates on deposits and competitive rates on loans.
The bank was originally established in 1886. Its current headquarters in Bellaire has been home to Belmont Savings since 1956.
The bank has a health grade of a B+ with a Texas ratio of 7.45% (excellent) based on March 2014 data. Please refer to our financial overview of Belmont Savings for more details. The bank has been a FDIC member since 1935 (FDIC charter # 28348).