Ohio State Bank has brought back its 18-month CD Special, which now earns 1.25% 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. According to CSR, availability is dependent on how quickly the Bank meets its deposit goal. In other words, it will be available until it’s not. (FYI – when the 18-month CD Special was offered in September 2021, it was only available for a few weeks.)
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 requirements.
According to CSR, the Early Withdrawal Penalty for the 18-month CD Special is 6 months’ interest on the amount being withdrawn, with partial withdrawals allowed.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 "B+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent and not a typo), based on December 31, 2021 data. Ohio State Bank has an excellent capitalization level (14.45%), the result of holding $330.66 million in assets, with $47.77 in equity. 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 almost three years of operations, Ohio State Bank has grown to become the 64th largest bank headquartered in Ohio, with assets in excess of $330 million.
How the 18-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, only one other bank currently offers a higher rate than offered on the Ohio State Bank 18-month CD Special. The following table compares the 18-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 3/26/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.