CFBank Boosts Nationally Available 1- And 2-Year CD Rates

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Deal Summary: CDs – 12-month (1.25% APY) and 24-month (1.55% APY), $5k minimum deposit.

Availability: Nationwide through online application.

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.

Availability

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.

Bank Overview

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.

Related Pages: Cleveland CD rates, Cincinnati CD rates, Columbus CD rates, Youngstown CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
me1004
  |     |   Comment #1
Wait a minute. Maybe a clarification is needed. You say the disclosures say: "After 180 days rates are subject to change without notice." So is that applying to CDs already opened? after 6 months, you 1-year CD rate can be changed, maybe you won't be getting the full 1.25% for the year, but you're locked in? Isn't this what then Fort Knox (now Abound) CU did?
Mak
  |     |   Comment #5
me1004...Fort Knox credit union changed their ewp after the fact on CDs that had already been opened not the CD rates. That was quite a few years ago and I was a member back then, as I recall Fort Knox changed the ewp from 3 months to 6 months .. really no big deal when you think about it now but it was how they did it that upset people.
Choice
  |     |   Comment #6
Violated APY regs and feds did nothing!
Mak
  |     |   Comment #7
Choice...I had a CD with them when they changed the ewp retroactively, they did nothing to the rates...I might be wrong but I don't think so. I had a 5 year as I recall and they changed the ewp from 3 months to 6 months, try to get a 5 year with a 6 month ewp now...;)
Choice
  |     |   Comment #8
You can give them/FK a pass, if you want. THE apy is NOT being correctly stated in my view from the get-go!  And, as posted on DA, “US Bank also did it.”  Treasury, which is subject to different protocols, states your ibond value AFTER the EWP (3 months penalty in first five years of redemption). I look at the latter as a benchmark of an ethical organization!  The FI regulators are of a different (is that the word?) lot.
Carpline
  |     |   Comment #9
"After 180 days rates are subject to change without notice." Applies to Platinum Money Market specifically; not to CDs.
jimdog
  |     |   Comment #10
Why would you buy CDs when treasuries are 50% higher in yields?
Choice
  |     |   Comment #11
Mark to market! Raising rates means lower principal
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Deal Summary: CDs – 12-month (1.00% APY) and 24-month (1.25% APY), $5k minimum deposit.

Availability: Nationwide through online application.

Ohio-based CFBank has recently raised the rates on its 12-month CD and 24-month CD. With increases of 30 bps and 50 bps, respectively, the 12-month CD now earns 1.00% APY, with the 24-month CD earning 1.25% APY. 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. According to CSR, the...

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