In the past 18 months, Ohio-based CFBank has had a series of Money Market promotions. The latest is a 2.02% APY promotional rate offered on the nationally available Platinum Money Market (PMM) account. A $25k minimum deposit of new money is required to open a PMM, with a $25k minimum balance necessary to earn the promotional 2.02% APY.
The promotional rate is guaranteed for 120 days and is “subject to change without notice” on day 121. The current non-promotional rate for balances of $25k+ is 1.50% APY.
Should the PMM balance drop below $25k, it will earn the standard money market rates, currently 0.75% APY ($5k-$24,999) and 0.05% APY ($0-$4,999).
The $10 monthly maintenance fee is waived if a minimum $5k balance is maintained. If the PMM is closed within 90 days of opening, there is a $25 early closure penalty. There is also an Excessive Transaction Fee of $7 for each transaction beyond the six allowed per month.
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 Columbia County.
The Platinum Money Market Promo is available nationwide and can be opened using an online application.
The Platinum Money Market Promo can also be opened at any of the seven full-service Ohio branches located in Cincinnati, Calcutta, Fairlawn, Glendale, Wellsville, Woodmere, and Worthington.
CFBank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 3.24% (excellent), based on June 30, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $129.15 million, an excellent annual growth rate of 31.63%. 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 34th largest bank in Ohio, with assets in excess of $719 million.
How the Platinum Money Market Promo Compares
When compared to 190 nationally available Money Market Accounts tracked by DepositAccounts.com that require a minimum balance of $25k or less, CFBank's Platinum Money Market Promo APY currently ranks fifth.
The above rates are accurate as of 12/14/2019.
To search for the best Money Market Account rates, either nationwide or state specific, please refer to DA’s Money Market Account Rates Table page.