Geddes Federal S&L Adds Rate-Leading 30-Month CD Special
Geddes Federal Savings and Loan Association (Geddes Federal) is currently offering four CD Specials, but only the 30-month (5.13% APY) has a competitive rate. The minimum opening deposit is $500, and the maximum is $1 million.
According to CSR, the 30-month CD Special is subject to two different Early Withdrawal Penalties (EWP), based on when a withdrawal (partial or complete) occurs.
- If a withdrawal is made within the first 365 days of account opening, the EWP is 180 days interest on the amount withdrawn.
- If a withdrawal is made after the first 365 days of account opening, the EWP is 90 days interest on the amount withdrawn.
Availability and Account Opening
Headquartered in Syracuse, New York, Geddes Federal Savings and Loan Association offers deposit accounts to “consumers residing or businesses that are located within 150 miles of our Syracuse location” – an area that stretches from Buffalo to Albany.
Opening a CD Special can be done online or in person at either of the two New York branches, located in Syracuse (Westvale Plaza) and Manlius (Limestone Commons Plaza). Appointments are available and can be scheduled online.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, cashier’s check, cash, internal transfer.
- Ownership – Individual, joint, or trust.
- Interest – Compounded daily/credited quarterly; interest can be withdrawn penalty-free.
- Maturing Funds – Cashier’s check or internal transfer.
- Grace Period – 7 calendar days before automatic renewal.
- Beneficiaries – Unlimited, with equal shares. Social Security numbers preferred, but not required.
- Credit Check – Hard pull and ChexSystems.
Bank Overview
Geddes Federal Savings and Loan Association has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.86% (excellent) based on March 31, 2023 data. Geddes Federal has an excellent capitalization level (16.35%), the result of holding $609.4 million in assets with $99.66 million in equity. Please refer to our financial overview of Geddes Federal Savings and Loan Association (FDIC Certificate # 30397) for more details.
Originally established in 1948, the locally-owned and managed Geddes Federal Savings and Loan Association is currently the 69th largest bank headquartered in New York State, with deposits in excess of $435 million and more than 11,500 customer accounts.
Savings and loan associations were originally insured by the Federal Savings and Loan Insurance Corporation (FSLIC), which was administrated by the Federal Home Loan Bank Board. Following soaring interest rates in the late ‘70s and early ‘80s, hundreds of S&Ls failed, forcing the FSLIC into insolvency. Attempts to recapitalize the FSLIC with taxpayer money ($15 billion,1986; $10.75 billion,1987) were futile and the FSLIC was abolished under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). Responsibility for savings and loan deposit insurance was transferred to the Federal Deposit Insurance Corporation (FDIC) in late 1989.
How the 30-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Geddes Federal Savings and Loan Association 30-Month CD Special. The following table compares the 30-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 6/27/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
