Community Financial Services Bank (CFSB) is currently offering an 8-month CD Special earning 0.70% APY. This CD Special can be opened with a $1k minimum deposit, with no stated balance cap.
The CD Special is also available as an IRA CD Special (Traditional, Roth, and CESA), earning the same APY with the same deposit requirements.
In the past four years, I’ve written four blog posts about CFSB’s CD Specials. In those previous blog posts, multiple CD Specials were discussed; at this time, the 8-month CD Special is the only CD offered by CFSB at this time. It’s also the shortest term CD Special offered by CFSB in ten years.
According to CSR, partial withdrawals are allowed and the Early Withdrawal Penalty is three months of interest, with a $35 transactional fee for each withdrawal.
As stated in the fine print on the CD page,
All time deposit products offered online by CFSB, including certificates of deposit and individual retirement accounts, are offered to individual consumers or trusts only. Deposit placement for brokers, wholesale deposit dealers, or other financial institutions is not permitted at this time.
Funding a CD and Accessing Maturing Funds
Funding a CD can be done by ACH, wire transfer, or check. There is a 10 day grace period, starting the day of maturity. CFSB’s standard procedure for distributing funds is a check, but a wire ($35 fee) or ACH transfer are also options.
Headquartered in the far-western Kentucky town of Benton, Community Financial Services Bank “currently accepts applications from residents in Kentucky, Tennessee, Indiana, Illinois, Missouri and existing clients” for its 8-month CD Special. DA readers may remember that CFSB offered its CDs on a nationwide basis for about two years, with the online market area downsized to five states in April 2019.
In addition to being opened online, the CD Special can also be opened by appointment at any of the eight full-service Kentucky branches located in Benton (2), Calvert City, Mayfield, Murray (2), and Paducah (2). As stated on the CFSB’s Schedule An Appointment page,
Although CFSB lobbies are currently closed to walk-up traffic, we understand that there may be critical business that cannot be handled entirely over the phone. For this reason, we are taking appointments for limited services during our normal business hours.
Note that we may not be able to fufill appointment requests outside of our business hours or on weekends during this time. Please fill out the information below and a CFSB Team Member will follow up with you shortly!
Community Financial Services Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 27.23% (average) based on September 30, 2020 data. In the past year, CFSB has increased its total deposits by $82.52 million, an excellent annual growth rate of 7.88%. Please refer to our financial overview of Community Financial Services Bank (FDIC Certificate # 287) for more details.
Founded in 1890 as the Bank of Benton, Community Financial Services Bank is currently the ninth largest bank headquartered in Kentucky, with assets in excess of $1.3 billion. As the first bank established in Marshall County, Bank of Benton ended its first year of operation with assets of $26,221 (approximately $750k in 2021 dollars). The Bank acquired Calvert Bank in 2001 and subsequently re-branded as Community Financial Services Bank in 2007.
How the CD Special Compares
The Bank’s five-state market area makes an accurate comparison difficult, so I’ve chosen to compare the CD Specials to nationally available CDs. When compared to 243 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit ($5k or less) and are available nationwide, Community Financial Services Bank’s 8-month CD Special APY currently ranks second.
The above information and rates are accurate as of 2/12/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.