Community Financial Services Bank Offers 49-Mo CD Special (3.39% APY)

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Deal Summary: 49-month Bump Up CD Special (3.39% APY), 29-month CD Special (3.19% APY), $1k minimum deposit.

Availability: Market area includes Indiana, Illinois, Kentucky, Missouri, and Tennessee.

Community Financial Services Bank (CFSB) is currently offering a 49-month Bump Up CD Special (3.39% APY) and a 29-month CD Special (3.19% APY). Either CD Special can be opened with a $1k minimum deposit, with no stated balance cap.

I first posted on these CDs with these same rates in November. With CD rate cuts happening at other banks, I thought these CDs would be worth highlighting once more. There have been a couple of changes. One unfortunate change that recently occurred is that these CDs are no longer nationally available. I’ll have more on this in the Availability Section below.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.99%$1k-Community Financial Services Bank49 Month IRA Special - Bump Up (Traditional, Roth)
2.69%$1k-Community Financial Services Bank29 Month IRA Special (Traditional, Roth)
Rates as of September 17, 2019.

The CD Specials are also available as IRAs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.

The 49-month CD Special has been part of CFSB’s product line for almost a year, but the bump option is a new feature. Rather than having the typical one-time rate increase, the 49-month Bump Up CD Special offers two interest rate increases anytime during the term. In addition,

Account holder may select the interest rate available on any other CFSB CD/IRA product being offered on the published rate sheet at the time the account holder chooses to increase the rate.

While the “interest rate available on any other CFSB CD/IRA product” feature may sound tempting, CFSB doesn’t offer a full line-up of CDs. There are only three CDs (including the 49-month) currently in the product line, so the number of interest rates to chose from are rather limited.

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 that partial withdrawals are allowed and the Early Withdrawal Penalty is “12 months’ worth of interest on the amount being withdrawn” for the 49-month CD and “6 months’ worth of interest” for the 29-month CD. There is also a $35 transactional fee for each withdrawal.

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.

Availability

Headquartered in the far-western Kentucky town of Benton, Community Financial Services Bank has once again changed its market area. While CDs had been available on a nationwide basis since mid-2017, the CFSB now “accepts applications from residents in Kentucky, Tennessee, Indiana, Illinois, Missouri and existing clients” exclusively. According to CSR, the down-sizing of the market area took effect at the beginning of April.

In addition to being opened online, the CD Specials can also be opened at any of the seven full-service Kentucky branches located in Benton (2), Calvert City, Mayfield, Murray, and Paducah (2).

Bank Overview

Community Financial Services Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 12.87% (above average) based on December 31, 2018 data. In the past year, CFSB has increased its total deposits by $40.44 million, an excellent annual growth rate of 4.78%. 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 $1.16 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 Specials Compare

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 172 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 49-month Bump Up CD Special APY currently ranks first.

When compared to 205 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 29-month CD Special APY currently ranks first.

The above rates are accurate as of 4/25/2019.

To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Paducah CD rates, 5-year CD rates

Comments


Svensk
Svensk   |     |   Comment #2
First class operation. Have banked here for several years. Just moved a matured IRA CD from Synchrony to CFSB. They also offer a Kasasa checking account that pays 2.25% up to $20K
Online banking system functions nicely...
Hooked
Hooked   |     |   Comment #3
I am eligible and have been considering this. Was skeptical because of the less than A health rating and minimal comments.
Kay
Kay   |     |   Comment #4
This is no longer nationwide? :(
Bueller
Bueller   |     |   Comment #5
I'm out of their service area and opened a CD in early April. I agree with above comment about excellent customer service. In their application process, they have a category for CD only and it's possible that only those products will accept customers from outside the service area. Only surprise was that the application rolls right into an online ACH pull.
Blue
Blue   |     |   Comment #6
A bit frustrating trying to open up this CD. First had to send copies of ID and address verification documents. Then received signature card and was suprised to learn that interest was compounded and posted every 7 months ( not three months as advertised ). CSR offered to change that to every 1 month after I questioned him on this. Intitially CSR stated that it was authorized and sent a new signature card stating 1 month. But then received a call back indicating that they could keep the 1 month but that the interest could not go back into the CD, it would have to be paid into another account or by check, but they would not allow it to be rolled back over. After being informed of both these suprises, I decided to cancel this CD application and look for an institution that doesn't offer so many suprises.
Hooked
Hooked   |     |   Comment #7
Thanks for sharing. I decided to pass on this.
George
George   |     |   Comment #8
One of the best CD offerings in the country right now. Thankful I was able to get my hands on one before they downsized to local states. Highly intelligent and helpful team led me through this process with ease and quickness. Highly recommend.
pgroove_fan
pgroove_fan   |     |   Comment #9
Just opened the 29 month "special" CD. 
My rep says being passive and allowing for automatic renewal at maturity would mean a conversion to the "next highest" standard term CD that they offer. That struck me as odd, because the website doesn't show a table or any indication of what "standard" term CDs are available, nor the rates that they would pay. 

 I hit up their online chat and found that the 29 month would renew into a 36 month standard CD at a whopping 0.6% Makes me understand why they don't post the table online! 

 Short version: pay close attention at maturity!
Hooked
Hooked   |     |   Comment #10
I changed my mind and opened a 29 month ‘special’ CD. Completed online application on a Tuesday afternoon and received acknowledgement that I would be contacted within a day or two. By Wednesday morning, a CFSB rep emailed me seeking copies of ID and address verification, also asked if I would like to add POD (don’t recall that option available online). On Thursday, I provided the verification documents. Communications with the rep were done via secure email messaging. Friday, I was alerted by my external bank of the potential funds withdrawal. Monday, funds withdrawn from my external bank; the rep confirmed that the CD was opened on that day, and sent me CD receipt and signature card. Thanks to reader Blue here, I reviewed the signature card details carefully but everything was in order.

I was impressed with the bank rep who was very polite and professional. I had always opened my CDs online with ‘larger’ banks so this is a first for me with back/forth emails. Good rates so if you are in the market area, I would recommend it. No hard credit pull either. Will definitely pay attention when near CD maturity - thanks pgroove_fan!
Community Financial Services Bank Ups 29-Month CD Special APY
Deal Summary: CD Specials – 29-month (3.19% APY) and 49-month (3.39% APY), $1k minimum deposit

Availability: Nationwide CD applications now accepted only from those who already have a CFSB account, or reside in IL, IN, KY, MO, or TN.

In July, Community Financial Services Bank (CFSB) added three nationally available CD Specials. At the time, the 49-month CD Special was the most competitive of the three, but following recent rate increases, both the 49- and 29-month APYs are each only 1 basis point shy of topping their...

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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.

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,

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The RR CD Special is available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.

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As I mentioned earlier this week, Community Financial Services Bank (CFSB) offers a Kasasa Cash account that is available online in five states. In one of those ill-timed coincidences, the APY on the Kasasa Cash account dropped the day after I alluded to a soon-to-be-written blog post.

The new rate is 2.25% APY (down from 3.05% APY) on qualifying balances up to $20k. Qualifying balances over $20k earn 0.50% APY, with non-qualifying...

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Last week, Community Financial Services Bank (CFSB) raised the rates on its 33-month CD Special (2.02% APY) and 63-month CD Special (2.27% APY). The minimum deposit for either CD Special is $1k, with no balance cap.

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