Community Financial Services Bank (CFSB) recently added three CD Specials, of which the 49-month CD Special (3.09% APY) is the most competitive. Any of CD Specials can be opened with a $1k minimum deposit, with no stated balance cap.
|3.09%||$1k||-||Community Financial Services Bank||49 Months CD Special|
|3.09%||$1k||-||Community Financial Services Bank||49 Month IRA Special (Traditional, Roth)|
The CD Specials are also available as IRAs (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.
As stated in the fine print on the Certificates of Deposit page,
For CDs of at least 12 months: interest may be added back to
principal every three months or deposited into another account.
In a Live Chat, CSR stated the Early Withdrawal Penalty is “12 months’ worth of interest on the amount being withdrawn, and a $35 fee.”
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) or ACH transfer are also options.
Thanks to DA reader, Carpline, for his Forum post about the 49-month CD Special.
Kasasa Cash and Kasasa Saver
CFSB’s Kasasa Cash account has been earning 2.25% APY on qualifying balances up to $20k since June 2016. The companion Kasasa Saver account earns 1.00% AYP on qualifying balances up to $30k, a rate and cap that have been in effect since March 2013. More detail about these two accounts can be found in my earlier blog post.
|2.25*%||-||$20k||Community Financial Services Bank||Kasasa Cash|
|OTHER TIERS: 0.50% → $20k+|
|1.00*%||-||$30k||Community Financial Services Bank||Kasasa Saver|
|OTHER TIERS: 0.50% → $30k+|
Since I last wrote about Community Financial Services Bank, the Bank has expanded its market area for CDs. Headquartered in the far-western Kentucky town of Benton, CFSB now “accepts Certificate of Deposit (CD) applications nationwide.” Checking and savings account application are restricted to “residents in Kentucky, Tennessee, Indiana, Illinois, Missouri, and existing clients.”
Community Financial Services Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 15.02% (above average) based on March 31, 2018 data. In the past year, CFSB has increased its total deposits by $124.49 million, an excellent annual growth rate of 16.77%. 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 Kentucky’s tenth largest bank, with assets in excess of $1.07 billion. As the first bank established in Marshall County, Bank of Benton ended its first year of operation with assets of $26,221 (approximately $700k in 2018 dollars). The Bank acquired Calvert Bank in 2001 and re-branded in 2007 as Community Financial Services Bank.
How the CD Special Compares
When compared to the 185 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Community Financial Services Bank’s 49-month CD Special APY currently ranks third.
The above rates are accurate as of 7/23/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.