Deal Summary: 36-month CD, 2.02% APY; 48-month CD, 2.07% APY; $1k minimum deposit.
Over the weekend, Perpetual Federal Savings Bank (PFSB) raised the rate on its 36-month CD (2.02% APY) and 48-month CD (2.07% APY). The minimum opening deposit $1k for either CD, with no stated balance cap.
The 36-month CD has been part of PFSB’s product line for nearly six years, and has experienced over 20 rate changes, more than half of which occurred in the first year. This rate hike of 61 basis points is the largest increase for the 36-month CD ever.
Like the 36-month CD, the 48-month CD has been available for almost six years, with half of its 12 rate changes occurring in the first year.
According to CSR, the Early Withdrawal Penalty for both CDs is “12 months interest, whether earned or not.”
Headquartered in Urbana in Central Ohio (equidistant from Dayton and Columbus), Perpetual Federal Savings Bank’s product line is available to all residents of Ohio, although according to CSR, an in-person visit is required to open an account.
Opening a 36- or 48-month CD (or any other Perpetual Federal Savings Bank account) must be done at the sole Ohio branch, located on North Main Street in the center of Urbana. The North Main Street branch just began its 81st year in the same location.
Perpetual Federal Savings Bank (FDIC Certificate # 28934) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 6.57% (excellent) based on September 30, 2016 data. In the past year, PFSB has increased its total non-brokered deposits by $20.29 million, an excellent annual growth rate of 7.25%. Please refer to our financial overview of Perpetual Federal Savings Bank for more details.
Perpetual Federal Savings Bank was first established in 1878, as the Perpetual Federal Savings and Loan Association. The founders of the Bank were a group of Urbana citizens “whose purpose was to encourage the acquisition of real estate and an opportunity for the safe investment of their savings.” Little did these land investors imagine that their small S&L would grow to become Ohio’s 55th largest bank, with assets in excess of $386 million.
How the CDs Compare
When compared to the 233 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Perpetual Federal Savings Bank's 36-Month CD APY currently ranks first.
When compared to the 204 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, Perpetual Federal Savings Bank's 48-Month CD APY currently ranks second.
The above rates are accurate as of 1/31/2017.