Community Financial Services Bank (CFSB) is offering a 55-month “RR” CD Special (2.16% APY) that permits two rates increases anytime during the term of the CD. While the majority of CFSB CDs require a $1k minimum, the 55-month RR CD Special requires a $10k minimum deposit; there is no stated balance cap.
|2.16*%||$10k||-||Community Financial Services Bank||55 Month CD Special|
|2.16*%||$10k||-||Community Financial Services Bank||55 Month IRA Special|
|2.16*%||$10k||-||Community Financial Services Bank||55 Month CESA Special|
The RR CD Special is available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
In a Live Chat, CSR stated the Early Withdrawal Penalty is “a $35 penalty and 6 months’ worth of interest.”
Thanks to DA reader, tbradnc, for his Forum post about this deal.
Kasasa Cash and Kasasa Saver
In June, I wrote about CFSB’s Kasasa Cash account that earns 2.25% APY on qualifying balances up to $20k, and the companion Kasasa Saver account that earns 1.00% AYP up to $30k. More detail about these two accounts can be found in my earlier blog post.
|2.25*%||-||$20k||Community Financial Services Bank||Kasasa Cash|
|1.00*%||-||$30k||Community Financial Services Bank||Kasasa Saver|
Headquartered in the far-western Kentucky town of Benton, Community Financial Services Bank’s market area extends into Indiana, Illinois, Kentucky, Missouri and Tennessee.
Opening a CD at CFSB must be done at any of the five Kentucky branches located in Benton (2), Calvert City, Murray, and Paducah.
CFSB’s online banking platform is currently limited to account management and bill pay services, although the Bank’s Kasasa Cash and Kasasa Saver accounts can be opened online.
Community Financial Services Bank (FDIC Certificate # 287) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.92% (excellent) based on September 30, 2016 data. In the past year, CFSB has increased its total deposits by $71.74 million, an excellent annual growth rate of 10.33%. Please refer to our financial overview of Community Financial Services Bank for more details.
Founded in 1890 as the Bank of Benton, Community Financial Services Bank is Kentucky’s 13th largest bank, with assets in excess of $927 million. As the first bank established in Marshall County, Bank of Benton ended its first year of operation with assets of $26,221 (approximately $690k in 2016 dollars). The Bank acquired Calvert Bank in 2001 and re-branded in 2007 as Community Financial Services Bank.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available in the Bank’s market area, Community Financial Services Bank’s 55-month CD Special APY currently ranks fifth, but the Bump Up feature adds to its competitiveness.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.50% APY||60-Month CD||XCEL Federal Credit Union|
|2.32% APY||5-Year Share Certificate||Melrose Credit Union|
|2.16% APY||55-Month RR CD Special||Community Financial Services Bank|
The above rates are accurate as of 12/22/2016.