Peoples First Savings Bank (OH) Competitive 18-month CD - Local Only

POSTED ON WEDNESDAY, SEPTEMBER 17, 2014 BY Ken Tumin

UPDATE October 15, 2015: This CD is no longer available.

Peoples First Savings Bank (OH) recently added an 18-month CD Special (1.50% APY) to its product line. It requires a $500 minimum opening deposit, with no maximum balance cap.

The Early Withdrawal Penalty (EWP) seems to be expressed in somewhat "touchy-feely" terms, rather than the straightforward phrases one usually sees. The fine print on Peoples First Savings Bank’s Deposit Rates page reads:

A penalty for early withdrawal will/may be imposed.

According to CSR, the EWP is based on the CD balance at the time of the withdrawal, the amount being withdrawn, and the time remaining until maturity date. When asked if there was a formula used to determine EWP, CSR said "no, not really." When pressed further, CSR checked with a bank officer and her statement was confirmed as correct.

Availability

Peoples First Savings Bank (PFSB) is located in southwestern Ohio and currently offers its services and products to the residents of Butler, Hamilton, and Warren Counties. Those three counties encompass the greater Cincinnati area.

Peoples First Savings Bank has some online banking capabilities, but opening this 18-month CD Special requires an in-person visit to one of two branches located in Mason and Morrow, Ohio. PFSB recently opened a branch at The Lodge Retirement Community in Cincinnati, but the hours of operation are limited to Tuesdays and Thursdays, 1-4 p.m.

Bank Overview

Peoples First Savings Bank has an overall health rating of B+ at DepositAccounts.com, with a Texas Ratio of 7.90% (excellent) as of June 30, 2014. PFSB has an excellent capitalization level of 11.43%, holding $60.02 Million in assets with $6.86 Million in equity. Please refer to our financial overview of Peoples First Savings Bank for more details.

Peoples First Savings Bank (FDIC Certificate # 30688) was originally established in 1909 as a mutual savings and loan, and is believed to be the oldest local company in Mason, Ohio. PFSB has continued its mission of serving its community throughout its 105-year history and proudly states:

While other banks are being bought and sold, suffering foreclosures and other banking ills, we have not had a single "foreclosure" due to making unqualified loans as a result of extending credit inappropriately. We carry our own mortgages and have seen deposits and business increase over time.

How the Rate Compares

When compared to other similar length-of-term bank CDs tracked by DepositAccounts.com, with a $500 minimum deposit, no maximum balance cap, and available to Ohio residents, Peoples First Savings Bank's 18-month CD Special is very competitive:

Interest Rate	CD Length	Institution
1.50% APY	18-month CD Special	Peoples First Savings Bank
1.31% APY	18-month CD	Belmont Savings Bank
1.15% APY	18-month CD	GE Capital Bank

The above rates are accurate as of 9/17/2014.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments

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2 Comments.

lou | Sep 17, 2014 | Comment #1

"According to CSR, the EWP is based on the CD balance at the time of the withdrawal, the amount being withdrawn, and the time remaining until maturity date. When asked if there was a formula used to determine EWP, CSR said "no, not really." When pressed further, CSR checked with a bank officer and her statement was confirmed as correct."

This is definitely a first, a touchy-feely withdrawal penalty. LOL

paoli1 | Sep 18, 2014 | Comment #2

Folks, I called both of the People's bank if that is the one you are referring to and the said you were given incorrect info. The EWP for the 18th month CDs is 6 months interest on amount withdrawn. That makes more sense to me. They said what you were given is for some of their other CDs. Hope this helps.