Just four weeks ago, Ohio-based CFBank substantially raised the rates on its 12-month CD (30 bps+) and 24-month CD (50 bps+). Both CDs saw rate increases again this week: 12-month CD now earns 1.25% APY, with the 24-month CD earning 1.55% APY. Since the beginning of March, a total of 55 bps and 80 bps were added to the 12-month CD and 24-month CD, respectively. A $5k minimum opening deposit is required, with no stated balance cap.
In the past few years, CFBank offered a series of limited-time CD Specials. CSR stated that the 12-month and 24-month are not CD Specials, but regular CDs with special rates.
Every time I visit the CFBank website, I hope it has been updated to include a Truth-in-Savings disclosure or an FAQs page. Since my wishes haven’t come true yet, the following information was obtained from a very knowledgeable CSR.
The Early Withdrawal Penalty for the 12-month CD is 3 months of interest and 6 months of interest for the 24-month CD. Partial withdrawals and early closures are both permitted.
Once an online application is submitted, the approval process takes place within one business day. The CD rate will be locked in upon application approval, before funding is in place.
The only option for funding a CD online is ACH and can be completed within 1-2 days. At this time, maturing funds can be distributed through a wire transfer, by cashier’s check to the address on file, or transferred into a CFBank money market account. CSR said that while an ACH transfer system isn’t currently in place, it’s “in the works.” There is a 7-day grace period before a CD automatically renews.
The online application is set up to only accept people as beneficiaries; trusts can be designated, but doing so requires contacting CFBank. As required by Ohio law, Social Security numbers are mandatory for all individual beneficiaries.
Platinum Money Market
The Platinum Money Market currently offers a competitive 1.00% APY (guaranteed for six months) on balances of $25k+ (new money), but it can only be opened in-branch.
According to the Legal Disclosures and Information at the bottom of CFBank’s home page reads,
After 180 days rates are subject to change without notice.
Introductory rate applies to new deposits only.
Penalty for account closure within 90 days of account opening may apply.
Monthly service fees may apply for balances less than $5,000.
Transaction limitations may apply.
Account balances below $25,000 earn standard money market rates.
Monthly service fees may reduce earnings.
Headquartered in the Columbus suburb of Worthington, CFBank has a brick-and-mortar presence in four of Ohio’s largest metropolitan areas (Akron, Cincinnati, Cleveland, and Columbus) and Columbiana County.
While CFBank has eight full-service branches in Ohio (Cincinnati, Columbus, East Liverpool, Fairlawn, Glendale, Wellsville, Woodmere, and Worthington), the 12-month and 24-month CDs can only be opened online.
Note: there is an “Open an Account” button at the right-hand top of every page of the CFBank website.
CFBank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.58% (excellent), based on December 31, 2021 data. In the past year, the Bank has increased its total non-brokered deposits by $24.32 million, an above average annual growth rate of 2.57%. 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 markets itself as a “top-notch boutique commercial bank.” Not much changed for the original S&L for the first 111 years of operation, but starting in 2003 there were two organization type changes, three name changes, and the headquarters were moved twice. CFBank is currently the 20th largest bank in Ohio, with assets in excess of $1.4 billion.
How the 12-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions currently have a higher rate than offered on the CFBank 12-month CD. The following table compares the 12-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 24-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and minimum deposit requirements of $10k or less, no banks or credit unions currently have a higher rate than offered on the CFBank 24-month CD. The following table compares the 24-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 4/1/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.