In October, PathFinder Bank added a High Yield Money Market Promo (1.40% APY), with a twelve-month rate guarantee. Yesterday, that rate was raised to 1.60% APY and is “guaranteed for 12 months from account opening.” The minimum initial deposit is $10k of new money, with a maximum eligible balance of $1 million.
|1.60%||$10k||$1m||PathFinder Bank||High Yield Money Market Account (Promotion)|
The High Yield Money Market account has check writing abilities, which are included in the standard six pre-authorized transfers per month. There is a $10 monthly service charge if “the balance falls below $10,000 any day during the month.” If the account is closed within six months of opening, there is a $25 closeout fee.
There is quite a discrepancy between the current rates for the High Yield Money Market and PathFinder’s Money Market Deposit account (five tiers ranging from 0.05% to 0.25% APY). While it is possible the High Yield Money Market may continue to raise its rates, it’s also possible that following the one-year rate guarantee the account may revert to the lower rate structure. Caveat emptor.
|0.25*%||$75k||-||PathFinder Bank||Money Market Deposit Account|
|OTHER TIERS: 0.05% → $2,500 - $10k | 0.10% → $10k - $25k | 0.15% → $25k - $50k | 0.20% → $50k - $75k|
27-month CD Special
PathFinder Bank is also offering a limited-time 27-month CD Special (2.00% APY). The minimum deposit is $1k of new money, with no stated balance cap. The Early Withdrawal Penalty is a loss of six months’ interest.
Headquartered in Oswego in Central New York, PathFinder Bank's market area now includes the New York counties of Broome, Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Tioga, and Tompkins.
PathFinder Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.87% (excellent), based on September 30, 2017 data. In the past year, PathFinder Bank has increased its total non-brokered deposits by $89.5 million, an excellent annual growth rate of 17.95%. 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 18 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. PathFinder Bank is now New York’s 55th largest bank, with assets in excess of $873 million.
How the High Yield Money Market Promo Compares
When compared to the 209 Money Market Accounts tracked by DepositAccounts.com that are available in the Bank’s market area, PathFinder Bank’s High Yield Money Market Promo APY currently ranks third.
|Interest Rate||Account Name||Credit Union/Bank|
|1.70% APY||Personal Money Market ($250 min/no max)||ableBanking|
|1.61% APY||Advantage Money Market Special (no min/$510k max)||United Bank|
|1.60% APY||High Yield Money Market Promo ($10k min/$1m max)||PathFinder Bank|
The above rates are accurate as of 2/17/2018.
To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.