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 respective term-length category. Any of the 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,
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the Early Withdrawal Penalty (EWP) for the 49-month CD Special is “12 months’ worth of interest on the amount being withdrawn, and a $35 fee.” The 29-month CD Special will incur an EWP of 6 month’s interest, in addition to the $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. Distributing funds by cashier's check is CFSB’s standard procedure, but funds can also moved by wire ($35) or ACH transfer.
Headquartered in the far-western Kentucky town of Benton, CFSB now “accepts Certificate of Deposit (CD) applications nationwide.” Checking and savings account applications 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 14.29% (above average) based on June 30, 2018 data. In the past year, CFSB has increased its total deposits by $99.71 million, an excellent annual growth rate of 12.91%. 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 $1.1 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
When compared to 215 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, Community Financial Services Bank’s 29-month CD Special APY currently ranks second.
When compared to 215 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 second.
The above rates are accurate as of 11/13/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.