Over the weekend, Geauga Savings Bank added a 7-month CD Special (1.40% or 1.20% APY) to its product line.
The 1.40% APY requires an open Advantage Checking account during the term of the CD, while the 1.20% APY has no checking relationship requirement. The minimum deposit is $25k, with a maximum deposit of $245k.
The Advantage Checking account requires a $50 minimum deposit to open, and a $2k minimum balance is required to avoid the $10 monthly service fee.
According to the fine print on the Rates page, the 7-month CD Special earns simple interest.
Terms of 3 months thru 12 months - interest is paid annually on
the anniversary date based on the maturity date and at maturity.
As stated on the Truth In Savings document, the Early Withdrawal Penalty reads as follows:
The fee imposed will be 90 days interest for terms 12 months or less.
Headquartered in Newbury, Ohio (30 miles east of Cleveland), Geauga Savings Bank’s market area is northeast Ohio, including Geauga, Cuyahoga, and Lake Counties. (Eligibility can be determined by entering your Zip Code on GSB’s online application.)
While GSB’s online application includes a variety of products, the 7-month CD Special is currently not included. Therefore, opening a 7-month CD Special requires an in-person visit to the sole Ohio branch located on Kinsman Road in Newbury.
Geauga Savings Bank (FDIC Certificate # 32287) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 16.25% (above average) based on June 30, 2016 data. In the past year, GSB has increased its total deposits by $7.56 million, an excellent annual growth rate of 3.56%. Please refer to our financial overview of Geauga Savings Bank for more details.
Established in 1983, locally owned and operated Geauga Savings Bank is Ohio’s 56th largest bank with assets in excess of $367 million. The Bank was founded by a group of Geauga County business owners who recognized that national banks,
were unable to fulfill their lending needs due to their unique business conditions. The
national banks stayed away from the large acreage, hobby farms, horse farms, non-electrified homes, unique properties and rural properties that dot the countryside of Geauga County.
When I read “non-electrified homes”, I wondered what that exactly meant. Abandoned properties? People living in caves? It actually refers to the 4th largest Amish community in the country, which comprises about nine percent of the population in Geauga County.
How the CD Compares
When compared to the 270 similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s market area, Geauga Savings Bank’s 7-Month CD Special APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 10/24/2016.
To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.