UPDATE: 8/30/2017 - No longer available.
Five Star Bank has added an 8-month CD Special that earns 2.00% APY. The minimum deposit is $500 of new money, with a balance cap of $250k. A TotalValue Premier Checking account, which is a variable rate account, is required to open the 8-month CD Special.
The 8-month CD Special is also available as an IRA, earning the same APY with the same funding and checking relationship requirements.
According to CSR, the Early Withdrawal Penalty is all earned interest.
TotalValue Premier Checking
Currently, the TotalValue Premier Checking account tiered interest rates are:
- 0.15% APY on balances between $0.01 - $24,999.99
- 0.25% APY on balances between $25,000.00 - $49,999.99
- 0.30% APY on balances of $50,000.00 or more.
The minimum opening deposit is $25. There is also a $15 monthly maintenance fee that can be avoided partially or completely.
Receive a $6.00 savings when you: Receive your monthly statement electronically OR have an average ledger balance of $5,000 or more for the activity period.
Receive an additional $9.00 Savings when you ALSO: Have combined total consumer deposit accounts and/or loan balances of $25,000 or more for the activity period, OR Perform at least 25 Point-of-Sale Five Star Bank Debit Card/ATM Card transactions during the activity period, OR Perform at least 6 NetTeller Bill Pay Transactions during the activity period.
Money Market Special
Five Star Bank is also offering a Money Market Special (1.35% APY on balances between $10k and $999,999.99), with the stated rate guaranteed until August 31, 2017. Balances below $10k earn 0.05% APY, with balances of $1m and above earning 0.15% APY.
The minimum opening deposit is $1k of new money, which is defined as "not having been on deposit with Five Star Bank within the last 90 days.” A new or existing checking relationship is also required to receive the stated APY.
Must have an existing consumer checking account with Five Star Bank or open a
new consumer checking account in branch by 5/31/2017 to obtain the special rate.
There is a limit of one new Money Market Special per household and must be opened in-branch by May 31, 2017; business and municipal customers are not eligible. The $15 monthly maintenance fee can be avoided by maintaining a minimum average daily balance of $5k.
Headquartered in Warsaw, New York, Five Star Bank’s market area covers western New York State.
Opening a CD, or taking advantage of the Money Market rate promotion, must be done in person at any of 53 New York branches, located in 18 western New York counties.
Five Star Bank’s online banking platform, NetTeller, is currently limited to account management and bill payment services.
Five Star Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.28% (excellent) as of December 31, 2016 data. In the past year, the Bank has increased its total non-brokered deposits by $209.7 million, an excellent annual growth rate of 8.37%. Please refer to our financial overview of Five Star Bank (FDIC Certificate # 659) for more details.
Established in 1881 as the Salamanca Trust Company, Five Star Bank is currently New York State’s 27th largest bank, with assets in excess of $3.6 billion. The Bank’s name was changed in 1996 to First Tier Bank & Trust. The latest rebrand occurred in 2005, following the acquisition of three western New York State banks (Bath National Bank, Wyoming County Bank, and National Bank of Geneva) and the relocation of Bank’s headquarters to Warsaw.
How the CD Special Compares
When compared to the 226 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available in western New York State, Five Star Bank’s 8-Month CD Special APY currently ranks first.
How the Money Market Special Compares
When compared to the 202 Money Market Accounts tracked by DepositAccounts.com that are available in western New York State, Five Star Bank’s Money Market Special APY currently ranks first.
The above rates are accurate as of 5/22/2017.