Just three weeks ago, Pennsylvania-based S&T Bank was offering a Leap Day 1-Year CD Special. Leap Day 2016 (and the one-day CD Special) are both merely memories now, but S&T Bank has added a 24-month CD Time Deposit Promotional (1.50% APY).
The minimum opening deposit is $1k of new money, with no balance cap. "New money" is defined in this instance as, "monies that have not been on deposit with S&T Bank in the past thirty days." This is a limited-time offer, but there is no mention of an end date. The fine print on the Promotion Page also states,
This promotion cannot be combined with any other offer and excludes
public funds, institutional investors or brokered accounts.
The 24-month CD Time Deposit Promotional is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.
As stated in S&T Bank’s Deposit Account Agreement and Conditions, the Early Withdrawal Penalty reads as follows:
Terms greater than 12 months to less than or equal to 47 months - 6 months simple interest.
Headquartered in Indiana, Pennsylvania, S&T Bank is the 10th largest bank in Pennsylvania and has a market area that covers a large portion of western Pennsylvania. The greater Harrisburg metropolitan area, including Amish Country, is also included in S&T Bank’s market area.
Opening the 24-Month CD Time Deposit Promotional must be done at any of 62 Pennsylvania branches located in Altoona, Armagh, Blairsville, Brockway, Brookville (2), Butler, Camp Hill, Clarion, Cranberry Township, Delmont, Derry, Du Bois (2), Ebensburg, Ford City, Gallitzin, Greensburg, Harrisburg (2), Homer City, Indiana (4), Irwin (3), Johnstown, Kittanning, Lancaster (3), Latrobe, Leechburg, Loretto, McMurray, Monroeville (2), Murrysville, New Bethlehem, New Cumberland, Pittsburgh (8), Portage, Punxsutawney (2), Reynoldsville, Saltsburg, State College, Summerhill, Verona, Wexford, White Oak, York, and Youngwood.
S&T Bank’s online banking platform is currently devoted to account management and bill payment services.
Bank OverviewS&T Bank (FDIC Certificate # 11124) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.73% (excellent) based on December 31, 2015 data. In the past year, S&T Bank has increased its total deposits by $942.34 Million, an excellent annual growth rate of 23.88%. Please refer to our financial overview of S&T Bank for more details.
S&T Bank was established in 1902 as The Savings & Trust Company of Indiana. (Indiana, Pennsylvania, is the county seat of Indiana County and the hometown of the actor, Jimmy Stewart.) Over a 30-year period, the Bank acquired seven other banks, and in 1975 the Bank’s name was changed to The Savings & Trust Company of Pennsylvania. The final name change occurred in 1991, and today S&T Bank is Pennsylvania’s 10th largest bank, with assets in excess of $6.3 Billion.
How the CD Compares
When compared to the 293 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Pennsylvania residents, S&T Bank’s 24-Month CD Time Deposit Promotional currently ranks third.
The above rates are accurate as of 3/21/2016.