Last week, Ohio State Bank added an 18-month CD Special earning 1.00% APY. This limited-time special requires a minimum $500 opening deposit, with no stated balance cap. While the banner for the CD Special on the Bank’s homepage clearly states the limited-time availability, no specific end-date is mentioned. CSR stated that availability is dependent on how quickly the Bank meets its deposit goal. In other words, it will be available until it’s not.
|1.00%||$500||-||Ohio State Bank||18 Month CD Special|
|1.00%||$500||-||Ohio State Bank||18 Month IRA Special (Traditional, Roth, SEP, SIMPLE)|
The 18-month CD Special is also available as an IRA CD Special (Traditional, Roth, SEP, SIMPLE), earning the same APY with the same deposit requirement.
According to CSR, the Early Withdrawal Penalty for the 18-month CD Special is 6 months’ interest on the amount being withdrawn, with partial withdrawals allowed.
Headquartered in Bexley, Ohio (a suburb of Columbus), Ohio State Bank’s market area is the greater Columbus metropolitan area.
Opening a CD Special must done at either of the two full-service Ohio branches, located in Bexley and Upper Arlington. The lobbies of both branches are open to walk-in traffic during normal business hours, Monday through Friday. Appointments can be scheduled by contacting either branch location.
Ohio State Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent and not a typo), based on June 30, 2021 data. In the past year, Ohio State Bank has increased its total non-brokered deposits by $101.06 million, a superlative annual growth rate of 103.93%. Please refer to our financial overview of Ohio State Bank (FDIC Certificate # 59144) for more details.
Ohio State Bank is a de novo bank that opened its doors for business in April 2019. According to a PRWeb press release published in 2019,
Community banking is returning to Central Ohio. Ohio State Bank will open its doors the week of April 22 at 2511 East Main in Bexley. This marks the return of a locally owned and operated commercial bank, not seen in the region since 2014, when the First Bexley Bank was sold – like many of its counterparts – to a larger banking organization.
“Central Ohio is enjoying a surge in population growth and economic diversity, so this is an opportune time for a strong community bank,” explains Ohio State Bank President/CEO Dave Mallett. “The community banking sector has been hollowed out with the sale of so many community banks in Columbus. We believe that a local bank, where every customer is seen as a private banking client, will grow and prosper.”
In slightly more than two years of operations, Ohio State Bank has grown to become the 86th largest bank headquartered in Ohio, with assets in excess of $241 million.
How the CD Special Compares
When compared to 202 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the market area, Ohio State Bank’s 18-month CD Special APY currently shares the top spot with the 18-month CD Specials offered by USALLIANCE Financial and BCU.
|Interest Rate||CD Length of Term||Bank|
|1.00% APY||18-Month CD Special||Ohio State Bank|
|0.80% APY||18-Month CD Special||Veridian Credit Union|
|0.70% APY||18-Month CD||CFG Bank|
The above information and rates are accurate as of 9/10/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.