CFBank is once again offering a series of limited-time CD Specials: 25-month (3.15% APY), 15-month (2.95% APY), and 11-month (2.76% APY). Of the three, the 25- and 15-month CD Specials offer the most competitive rates. Any of the CD Specials can be opened with a $5k minimum deposit and there are no stated balance caps.
According to CSR, the Early Withdrawal Penalty for any of the CD Specials is six months of interest, but the Terms and Conditions document includes language outlining additional limitations.
We may impose early withdrawal penalties on a withdrawal from a time account even if you don’t initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal.
Money Market Savings Special
CFBank has also brought back its Money Market Savings Special (MMSS), which has an introductory 2.30% APY guaranteed for twelve months. The minimum opening deposit and minimum balance to earn the introductory rate is $25k of new money. Account balances below $25k earn the regular Money Market rate of 0.01% APY.
While this promotion is a repeat of the November 2018 MMSS offer, the 2.30% APY has lost its competitive edge. With internet banks raising rates on money market accounts, the 2.30% APY currently only ranks seventh when compared to comparable accounts offered in the Bank’s market area. In November, the 2.30% APY ranked second.
The MMSS has no monthly service fee, but there is a $10 monthly low balance fee should the balance fall below $5k. If the MMSS is closed within 90 days of opening, there is a $25 early closure penalty.
Headquartered in the Columbus suburb of Worthington, CFBank’s market area includes four of Ohio’s largest metropolitan areas (Akron, Cincinnati, Cleveland, and Columbus) and Columbiana County.
Opening a CD Special or the Money Market Savings Special requires an in-person visit to any of six full-service Ohio branches located in East Liverpool, Fairlawn, Glendale, Wellsville, Woodmere, and Worthington.
CFBank also offers a Contact Us form to begin the application process.
CFBank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.60% (excellent), based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $109.26 million, an excellent annual growth rate of 29.29%. Please refer to our financial overview of CFBank (FDIC Certificate # 28263) for more details.
Founded in 1892 as Central Federal Savings and Loan Association, today’s CFBank describes itself as a “top-notch boutique commercial bank.” For the first 111 years not much changed for the original S&L, but starting in 2003 there were two organization type changes, three name changes, and the headquarters were moved twice. CFBank is currently the 36th largest bank in Ohio, with assets in excess of $664 million.
How the CD Specials Compare
When compared to 255 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit of $5k or less and available within the market area, CFBank’s 25-month CD Special APY currently ranks second.
When compared to 207 similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit of $5k or less and available within the market area, CFBank’s 15-month CD Special APY currently ranks second.
The above rates are accurate as of 3/11/2019.
Searching for the best CD rates, either nationwide and state specific? Please refer to our CD Rates Table page.