Deal Summary: 35-month CD Special, 2.00% APY, $500 new money; 15-month CD Special, 1.50% APY, $500 new money; Money Market Platinum Savings, 1.15% APY, $200k minimum.
It’s Valentine’s Day. Chocolate, flowers, a romantic dinner. And a poem from Fairport Savings Bank?
Roses are red, Violets are blue, These special rates, Are just for you!
Fairport Savings Bank (FSB) has added several CD Specials this month, with its 35-month CD Special, 2.00% APY and 15-month CD Special, 1.50% APY the most competitive.
The CD Specials are limited-time offers and while no specific end date has been stated, according to CSR, these CD Specials "won't last long."
CD Special Details
- $500 minimum/$250k maximum deposit of new money.
- New money defined as "funds not on deposit at FSB in the last 30 days."
- Active checking account relationship (either Platinum or eChecking) is required.
- Early Withdrawal Penalty is 6 months simple interest on the 15-month CD Special and 12 months simple interest on the 35-month CD Special.
eChecking Account Details
- 1.15% 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
|1.15*%||-||$10k||Fairport Savings Bank||eChecking-Qualifying|
|OTHER TIERS: 0.10% → $10k+|
Platinum Checking Account Details
- Minimum opening deposit of $25.
- 0.20% APY on balances over $2.5k; balances below $2.5k earn 0.05% APY.
- $8 monthly charge if minimum balance falls below $1k.
|0.20*%||$2.5k||-||Fairport Savings Bank||Platinum Checking|
|OTHER TIERS: 0.05% → Up to $2.5k|
Money Market Platinum
FSB is also offering another way to “Love Your Bank,” with a 1.15% APY on balances of $200k+. Balances between $100k and $199,999 earn 1.00% APY, with balances below $100k earning 0.25% APY. To qualify for the stated APYs, an “active” FSB checking account must be maintained.
|1.25*%||$200k||-||Fairport Savings Bank||Money Market Platinum|
|OTHER TIERS: 0.25% → Up to $100k | 1.00% → $100k - $200k|
Headquartered in Fairport, New York (a suburb of Rochester), Fairport Savings Bank is a locally owned and operated community-oriented bank that now offers its services and product line to U.S. Citizens and Permanent Residents, 18 years or older who live in New York State.
Opening any of the CD Specials, the Money Market Platinum Savings account, or a checking account can be done online, or at any of five New York branches located in Fairport (3), Rochester, and Webster.
FBS has a very comprehensive FAQ page, which answers almost any banking question you might have.
Fairport Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.06%, based on September 30, 2016 data. While FSB’s Texas Ratio is almost perfect, in the past year the Bank’s total non-brokered deposits decreased by $1.61 million, an average annual growth rate of -0.89%. Please refer to our financial overview of Fairport Savings Bank (FDIC Certificate # 30056) 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. A new website was launched last year,
in order to provide customers of Fairport Savings Bank, Fairport Mortgage and Fairport Wealth Management with a better online banking experience.
The structure of Fairport Savings Bank and its products and services have certainly changed in the last century. But as we continue to grow, our purpose, philosophy, and commitment to meeting our customers' needs has remained the same.
How the CD Specials Compare
When compared to 379 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to New York State residents, Fairport Savings Bank’s 35-month CD Special APY currently tops the list.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
When compared to 282 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available to New York State residents, Fairport Savings Bank’s 15-month CD Special APY currently ranks third.
The above rates are accurate as of 2/14/2017.