Deal Summary: 13-month CD, 1.56% APY, $500 min.
At the beginning of the month, Seneca Savings raised the rate on its 13-month CD (1.56% APY). The minimum opening deposit is $500, with no stated balance cap.
The 13-month CD has been part of the product line for nearly six years, and in that time has experienced more than 15 rate changes. Last week’s increase of 106 basis points resulted in the highest APY in the CD’s history.
According to CSR, the Early Withdrawal Penalty is 90 days interest.
About eight months ago, Seneca Savings introduced its new Kasasa Cash account that earns 2.00% APY on qualifying balances up to $15k. Qualifying balances of $15k+ earn 0.40% APY, with non-qualifying balances earning 0.01% APY.
The qualification requirements are fairly standard for a Kasasa Cash account:
- At least 12 debit card purchases
- At least one ACH payment
- Be enrolled in and receive eStatements
The Kasasa Cash account has no monthly service fee or monthly minimum balance, but does require a $25 minimum opening deposit. ATM fees will be reimbursed up to $25 per month, with a receipt required for individual ATM fees of $5 or higher.
Headquartered in Baldwinsville, New York, Seneca Savings’ market area is Onondaga County in Central New York State.
Opening the 13-month CD must be opened at any of three full-service New York branches, located in Baldwinsville, Liverpool, and North Syracuse.
Seneca Savings’ online bank platform is currently limited to account management and bill payment services.
Seneca Savings has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 12.98% (above average) based on September 30, 2016 data. In the past year, Seneca Savings has increased its total non-brokered deposits by $10.86 million, an excellent annual growth rate of 9.79%. Please refer to our financial overview of Seneca Savings (FDIC Certificate # 29496) for more details.
Seneca Savings was founded by 19 individuals in January 1928 as the Baldwinsville Savings and Loan Association, with the Mayor of the Village of Baldwinsville serving as the first President. At the end of the first year, the S&L had total assets of $5,837. A change from a State Charter to a Federal Charter occurred in 1936, and “Federal” was added to the name. More than 20 years later, the name was changed to Seneca Federal Savings and Loan Association. The Seneca Savings re-brand happened in July 2014, “depicting a modern feel and insight for what is to come.”
Time for a little “collateral information.” When I see the name “Seneca,” I think of the Roman philosopher and statesmen, but that’s not the person the Bank had in mind when the name was changed. According to Wikipedia,
The Seneca are a group of indigenous Iroquoian-speaking people native
to North America who historically lived south of Lake Ontario. They were
the nation located farthest to the west within the Six Nations or Iroquois
League (Haudenosaunee) in New York before the American Revolution.
How the CD Compares
When compared to the 233 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Onondaga County residents, Seneca Saving’s 13-month CD APY currently ranks first.
The above rates are accurate as of 3/9/2017.