Unified Bank is currently offering a Money Market Special, which earns 2.01% APY on balances of $20k and above. If the balance dips below $20k, the APY will fall to 0.05%. The minimum opening deposit to qualify for the 2.01% APY is $20k (new money for existing customers), but the account can actually be opened with a minimum $2.5k deposit. This is a limited-time offer, which may be withdrawn without notice.
According to the Money Market Special promotion page,
Rate is guaranteed from account opening through 6/30/2020 and
will revert to then-current Money Market Index rate on 7/1/2020.
It’s rare to see such a long guarantee period. I have to admit, I looked twice to make sure I was reading it correctly. I can make arguments for and against the nearly two year guarantee period: it ensures the rate won’t plummet any time soon, but a long guarantee isn’t necessarily as important during a rising rate environment. It’s quite possible that in a year a 2.01% APY will seem low.
The Money Market Special has limited check writing ability, and the standard limit of six transactions/withdrawals applies. There is a $10 excess transaction fee for each withdrawal beyond the six allowed per month.
Unified Bank is also offering three CD Specials with good (but not exceptional) rates. The minimum deposit is $1k, with no stated balance cap.
Headquartered in Martins Ferry, Ohio, Unified Bank’s market area is primarily the Ohio counties of Athens, Belmont, Carroll, Fairfield, Hamilton, Harrison, Jefferson, and Tuscarawas, but according to CSR, any Ohio resident who is able to come into a branch is welcome to apply.
The Money Market Special can be opened at any of the 18 full-services Ohio branches, located in Amesville, Bridgeport, Colerain, Dellroy, Dillonvale, Dover, Gloucester, Jewett, Lancaster (2), Martins Ferry, Nelsonville, New Philadelphia, Saint Clairsville (2), Sherrodsville, Strasburg, Tiltonsville.
Unified Bank has a “Contact Me” form dedicated to the Money Market Special.
One of our dedicated team members will call you within 1-2 business days to
complete the MMI set up! Please complete the information below and click ‘Contact Me’.
Unified Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.94% (excellent) based on June 30, 2018 data. In the past year, Unified Bank has increased its total non-brokered deposits by $38.31 million, an excellent annual growth rate of 10.13%. Please refer to our financial overview of Unified Bank (FDIC Certificate # 9463) for more details.
In about a month, Unified Bank will mark the first anniversary of its re-brand, but this isn’t the first time the Bank changed its name. According to a September 2017 article in The Times Leader,
Founded in 1902 in Martins Ferry as The German Savings Bank, the bank was previously renamed in 1918 to The Citizens Savings Bank due to the strong anti-German sentiment that permeated the United States during World War I. Now, having operated under its present name for almost 100 years, the bank is again renaming itself to position for greater differentiation and to prepare for another 115 years of growth.
Prior to the re-brand, the Bank operated two distinct divisions: The Citizens Bank and The Community Bank. With more than 500 US banks with “Citizens” or “Community” in their name, “Unified” was chosen because it was unique and eliminated the confusion of having two names for essentially what was one bank.
How the Money Market Special Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are available within the Bank’s market area and are not limited by low balance caps, Unified Bank’s Money Market Special APY currently ranks second, regardless of minimum balance requirements.
The above rates are accurate as of 9/4/2018.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.