CFBank is again promoting its Money Market Savings Special (MMSS). Unlike the previous MMSS offered in June, the current special features two APYs, 2.30% and 2.00%, which are based on deposit levels of $25k and $10k, respectively. In addition, the rate guarantee period has doubled to 12 months. The guaranteed introductory rate only applies to new accounts opened with new money. If the balance should fall below the opening minimum, it will earn the standard Money Market rate of 0.01% APY.
While the MMSS has no monthly service fee, 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.
CFBank is also offering three CD Specials with so-so rates. The minimum opening deposit is $5k, with no stated balance cap.
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 Columbia County.
Opening a Money Market Savings Special or a CD Special requires an in-person visit to any of six full-service Ohio branches located in Calcutta, Fairlawn, Glendale, Wellsville, Woodmere, and Worthington.
CFBank also has 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 0.67% (excellent), based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $73.71 million, an excellent annual growth rate of 22.02%. 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 37th largest bank in Ohio, with assets in excess of $558 million.
How the Money Market Savings Special Compares
When compared to the Money Market Accounts tracked by DepositAccounts.com that are available within the Bank’s market area, CFBank's Money Market Savings Special APY currently ranks second.
The above rates are accurate as of 11/19/2018.