PathFinder Bank has added two Choose Your Term CD Specials: 11-month (3.00% APY) and 24-month (3.00% APY). The minimum deposit is $1k, with no stated balance cap.
As the name implies, the Choose Your Term CDs offer flexibility in determining the term length, which according to CSR is set at the account opening.
As stated on the CD Key Features page, the Early Withdrawal Penalty EWP) reads as follows:
Early withdrawal penalty for a CD with a maturity of one year or less is three months' worth of interest.
For a CD with a maturity of a year or more, the early withdrawal penalty is six months' worth of interest.
In addition to the EWP, the Schedule of Fees lists a $50 fee “when a withdrawal is performed before maturity.”
Headquartered in Oswego in Central New York, PathFinder Bank's market area for CDs includes the New York counties of Broome, Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Tioga, and Tompkins.
Either “Choose Your Term” CD Special can be opened online, or at any of nine full-service New York branches, located in Central Square, Cicero, Fulton, Lacona, Liverpool, Mexico, Oswego (2), and Syracuse. The newest branch location in Utica is currently operating as a “limited purpose banking office.”
PathFinder Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.54% (excellent), based on December 31, 2018 data. In the past year, PathFinder Bank has increased its total non-brokered deposits by $31.87 million, an excellent annual growth rate of 5.45% (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 19 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 and today PathFinder Bank is New York’s 52nd largest bank, with assets in excess of $930 million and more than 33,600 customer accounts.
How the CD Specials Compare
When compared to 237 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 11-month Choose Your Term CD Special APY currently ranks first.
When compared to 230 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 24-month Choose Your Term CD Special APY currently ranks second.
The above rates are accurate as of 4/4/2019.
To search for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.