This week, Fairport Savings Bank (FSB) added a trio of new CD Specials (6-month, 1.00% APY; 17-month, 1.25% APY; 24-month, 2.00% APY) to its product line. All three CD Specials require a new or existing checking account (Platinum or eChecking) relationship to earn the stated APYs.
The CD Specials are limited time offers and while no specific end date has been announced, according to CSR, these CD Specials "won't last long."
A Sizzling Rate Just For You!
CD Special Details
- Minimum deposit of $500 of new money.
- New money defined as "funds not on deposit at FSB in the last 30 days."
- No balance cap on the 17-month CD Special.
- $100K balance cap on the 6-month CD Special.
- $50K balance cap on the 24-month CD Special.
- Active checking account relationship (either Platinum or eChecking) is required.
- Early Withdrawal Penalty is 3 months simple interest on the 6-month CD Special, and 6 months simple interest on the 17- and 24-month CD Specials.
eChecking Account Details
- 1.26% APY on balances up to $10K; balances over $10K earn 0.10% APY.
- Minimum opening deposit of $25.
- Electronic statements required.
- One of the following: direct deposit of at least $250 (payroll, social security or pension only); eight debit card and/or bill pay transactions; FSB mortgage with auto-pay
Platinum Checking Account Details
- Minimum opening deposit of $25.
- $8 monthly charge if minimum balance falls below $1K.
Headquartered in Fairport, New York (a suburb of Rochester), Fairport Savings Bank (FDIC Certificate # 30056) is a locally owned and operated community-oriented bank that offers its services and product line to Western New York State residents.
Opening any of the CD Specials or the checking accounts requirs an in-person to any of five branches located in Fairport (3), Rochester, and Webster. FSB’s online banking platform currently dedicated to account management and bill payments.
Fairport Savings Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 0.40%, based on March 31, 2015 data. While FSB’s Texas Ratio is almost perfect, in the past year the Bank’s total deposits decreased by $2.11 Million, an annual growth rate of -1.18%. Please refer to our financial overview of Fairport Savings Bank for more details.
Originally established in 1888 as the Fairport Permanent Loan Association, the institution’s purpose was "To encourage industry, frugality, home-owning, the saving of money by its members, the accumulation of savings, and the loaning of such accumulations to its members." In 2002 the name was changed to Fairport Savings Bank when the charter was changed from a state chartered savings and loan to a federally charter bank.
Fairport Savings Bank describes itself this way:
In this fast-changing world, the fact that Fairport Savings Bank has remained in the Village of Fairport for the entire time of its existence and has retained all the original Board minute books is evidence of the stability and the unique character of this institution. It is a genuine example of what is meant by a "community bank."
How the CDs Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to New York State residents, the APYs on Fairport Savings Bank’s 6-month and 24-month CD Specials currently rank in the top 3, while the 17-month CD Special is currently ranked 6th.
The above rates are accurate as of 6/26/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.