Benchmark Bank began the week by raising the rate on its 15-month CD (1.50% APY) and 2-year CD (1.75% APY). The minimum opening deposit for either CD is $500, with no balance cap.
The 15-month CD has been part of the product line since November 2014, and in its less than two year history, has had four rate changes, with the current APY the highest. The 2-year CD was added in June 2011 and has experienced five rate changes. The current APY is 95 basis points higher than its initial rate.
Both CDs are also available as IRAs (Traditional) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is "5% of the amount being withdrawn."
Headquartered in Gahanna, Benchmark Bank is a locally owned and operated community bank, with a market area that includes the greater Columbus, Ohio area.
Opening any type of account with Benchmark Bank can be done at either of the two full-service Ohio branches located in Gahanna and Westerville. Loan One, Benchmark Bank’s mortgage lender division, is also located in Westerville.
The Bank’s online banking platform is currently limited to account management and bill payment services.
Benchmark Bank (FDIC Certificate # 57949) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 16.23% (above average) based on March 31, 2016 data. Benchmark Bank has an excellent capitalization level of 11.13%, the result of holding $120.26 million in assets, with $13.38 million in equity. Please refer to our financial overview of Benchmark Bank for more details.
Benchmark Bank will soon be celebrating its 11th anniversary, having opened its doors in August 2005. The Bank’s founders knew each other through their mutual alma mater, Capital University, and their employment at the former State Savings Bank (acquired by Fifth Third Bank in 1998). The loss of State Savings Bank left Columbus (particularly the east side) with one less community bank and the idea of Benchmark Bank was born.
How the CDs Compare
When compared to the 162 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the greater Columbus area, Benchmark Bank's 15-month CD APY currently ranks second.
When compared to the 201 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents of the greater Columbus area, Benchmark Bank's 2-year CD APY currently ranks second.
The above rates are accurate as of 7/13/2016.