PathFinder Bank is featuring its High Yield Money Market Promo (1.40% APY). This limited-time offer guarantees the 1.40% APY for twelve months from account opening. The minimum initial deposit is $10k of new money, with a maximum eligible balance of $1 million.
|1.40%||$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.
Based on the current rates for the Money Market Deposit account (five tiers ranging from 0.05% to 0.25% APY), I doubt that the High Yield Money Market account will remain competitive after the one-year rate guarantee.
|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|
17-month Fall CD Special
At the end of August, I wrote about PathFinder Bank’s limited-time 17-month Fall CD Special (1.80% APY), which is still available. The minimum deposit is $1k of new money, with no stated balance cap.
Headquartered in Oswego in Central New York, PathFinder Bank's market area 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 High Yield Money Market Promo can be opened online, or 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 6.54% (excellent), based on June 30, 2017 data. In the past year, PathFinder Bank has increased its total non-brokered deposits by $55.1 million, an excellent annual growth rate of 11.74%. 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 58th largest bank, with assets in excess of $810 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|
|1.50% APY||Mega Money Market (no min/$35k max)||All America Bank|
|1.50% APY||No Penalty 11-month CD ($25kmin/no max)||Ally Bank|
|1.41% APY||Money Market Saving (no min/no max)||UFB Direct|
|1.40% APY||High Yield Money Market Promo ($10k min/$1m max)||PathFinder Bank|
The above rates are accurate as of 10/6/2017.