PathFinder Bank has added a limited-time 17-month Fall CD Special (1.80% APY) to help “Harvest Your Savings.” The minimum deposit is $1k of new money, with no stated balance cap.
Just four months ago, PathFinder Bank was offering an 18-month CD Special that earned 1.65% APY. At the time, the 18-month CD Special’s APY was the second highest available in the Bank’s market area; today, that same APY would only rank fifth.
According to the CD Disclosure document, the Early Withdrawal Penalty reads as follows:
The penalty for early withdrawal will be a loss of 6 months’ interest on the
original deposit if the term of your time Deposit is longer than one year.
The CD Disclosure also makes clear that partial withdrawals are not permitted and a withdrawal will result in the closure of the CD.
You may withdraw all the funds prior to the maturity date, a penalty may be imposed.
Headquartered in Oswego in Central New York, PathFinder Bank's market area for CDs has expanded to include the New York counties of Broome, Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Tioga, and Tompkins.
The 17-month Fall CD Special is currently not listed on the online CD page, which turned out to be a surprise to CSR. I had hoped there would be some type of work-around in the actual online application, but rather than having one online application that lists all the CDs, each CD has its own online application.
After a fairly lengthy conversation and a callback, I was told that until the website was updated with an online application, the 17-month Fall CD Special could be opened through a combination of phone calls and emails. CSR then sent me a copy of the Bank’s Information Request Form, which begins the application process and can be returned by email.
The 17-month Fall CD Special can also be opened at any of eight full-service New York branches, located in Central Square, Cicero, Fulton, Lacona, Mexico, Oswego (2), and Syracuse (Onondaga and Oswego Counties).
PathFinder Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.70% (excellent), based on March 31, 2017 data. In the past year, PathFinder Bank has increased its total non-brokered deposits by $409.42 million, an excellent annual growth rate of 263.19% (not a typo). Please refer to our financial overview of PathFinder Bank (FDIC Certificate # 57497) for more details.
While the Bank has been using the PathFinder name for only 17 years, the Bank’s history began in 1859, when the Oswego City Savings Bank was incorporated. In 1995, Oswego City Savings Bank became a stock held institution (initial public offering of $7.50) and formed Pathfinder Bancorp Inc. as a mutual holding company. The Bank’s name was officially changed to PathFinder Bank in 2000.
In March 2016, New York State’s Department of Financial Services Weekly Banking Bulletin announced,
Approval given in principle to the restated Organization Certificate of Pathfinder Bank, providing for the expansion of powers to those of a full service bank with trust powers.
(The restated Organization Certificate is in conjunction with the proposed merger of Pathfinder Bank with and into Pathfinder Commercial Bank under the name, Pathfinder Bank.)
The acquisition/merger was finalized in May 2016, with PathFinder Bank becoming New York’s 57th largest bank.
How the CD Special Compares
When compared to the 171 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, PathFinder Bank’s 17-month Fall CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.80% APY||17-Month Fall CD Special||PathFinder Bank|
|1.76% APY||15-Month Special CD||Veridian Credit Union|
|1.70% APY||20-Month Power CD Special||Atlantic Stewardship Bank|
The above rates are accurate as of 8/31/2017.