Geauga Savings Bank (OH) Adds Competitive 7-Month CD


Availability: Market area is northeast Ohio (Geauga, Cuyahoga, and Lake Counties), determined by Zip Code.

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.

Bank Overview

Geauga Savings Bank (FDIC Certificate # 32287) has an overall health grade of "B" at, 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 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 or our Rates Map page.

  |     |   Comment #1
For whatever help it might be to others, I have done business with Geauga SB in the past.  I found the bank to have good people and good customer service.  There were no hassles for me with this bank.

This deal, of course, you must judge for yourself.  My comment applies to the bank alone.
4.61% 12-Month CD at Geauga Savings Bank in Ohio - Nationally Available
Geauga Savings Bank has come out with some very competitive CD specials. The most competitive is the 12-month term with a 4.61% APY. Below is the list of the three special CDs:

CD rates as of 9/26/08:

Term APY
12 months 4.61%
18 months 4.51%
24 months 4.53%

The minimum deposit is $60,000, and the maximum is $95,000. According to the small print at the bottom, interest is paid and mailed annually on the anniversary...

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4.37% 12-Month CD at Geauga Savings Bank
Geauga Savings Bank has some competitive CD rates for terms of 12 to 36 months:

CD rates as of 8/14/08:

Term APY
12 months 4.37%
24 months 4.44%
36 months 4.84%

The minimum deposit is $25,000, and the maximum is $95,000. Interest is paid and mailed annually on the anniversay date of the CD or you can receive a monthly interest check. Interest rate and APY are the same as a result of interest being...

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4.00% 18-Month CD at Geauga Savings Bank - Nationally Available
Geauga Savings Bank has some competitive CD rates for terms of 12 months and longer. The 12-month yield is 3.75% APY. A yield of 4.00% APY is available on terms from 18 months to 48 months. The minimum deposit is $1,000.

I just called the bank at its toll-free number (800-472-6250) for additional details. Be sure to call for the official information. Here's a report of what I was told.

According to the CSR, a person in any state can open the CD by mail. They can fax or email you the...

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5.59% 6-Month CD and 5.45% Savings Account ($25K Min) at Geauga Savings Bank
Geauga Savings Bank is offering very competitive rates on 6-month and 3-month certificates of deposit with a minimum balance of $25,000. These include a 5.59% APY 6-month CD and a 5.56% APY 3-month CD. Instructions are provided for faxing your application and wiring in the funds.

The bank also has a savings account that's paying 5.45% APY for balances over $25K. According to the website, the rate is guaranteed through July 15, 2007. This rate is up from 5.40% when I reported on this bank last July. For the full details...

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5.40% Savings Account Available to All ($25K min)
Geauga Savings Bank just started offering a 5.40% APY savings account called the Immediate Access Tiered Savings Account. It's also offering a 5.25% APY Money Market Plus Checking Account. Here's the basic info from the bank's website:

Immediate Access Tiered Savings Account
  • 5.40% APY for balances between $25K and $99K, 2% APY for balances over $99K
  • Interest paid annually

Money Market Plus Checking Account
  • 5.25% APY for balances between $25K and $99K, 0.99% APY for balances over $99K
  • Interest paid quarterly

Applies to Both Accounts
  • Initial rates guaranteed through 1/31/07
  • Typical 6 withdrawals per month allowed without a fee


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