Elmira Savings Bank (NY) Debuts 29-Month CD Special, 3.15% APY


Deal Summary: CD Specials – 29-month (3.15% APY) 19-month (3.00% APY), $500 minimum deposit, new money.

Availability: Market area includes two Central and five Southern Tier New York counties.

Elmira Savings Bank (ESB) is currently offering three CD Specials – 29-month (3.15% APY), 19-month (3.00% APY), and 9-month (2.15% APY). The more competitive rates belong to the 29- and 19-month CD Specials. The minimum opening deposit is $500 of new money, with no stated balance cap.

The CD Specials are also offered as IRAs (Traditional), earning the same APYs with the same funding requirements.

According to CSR, the Early Withdrawal Penalty (EWP) for the 29-month CD Special is 18 months of interest on the amount being withdrawn, with partial withdrawals allowed. A withdrawal from the 19-month CD Special will incur a 12 month EWP.


As you can surmise from the name, Elmira Savings Bank is headquartered in Elmira, New York, with a market area that includes the New York Central and Southern Tier counties of Broome, Cayuga, Chemung, Cortland, Schuyler, Steuben, and Tompkins.

CD Specials must be opened in-branch at any of 13 full-service New York branches located in Corning, Elmira (4), Horseheads, Ithaca (3), Moravia, Painted Post, Southport, and Watkins Glen.

ESB’s Online Banking system is currently limited to account management and bill payment services.

Bank Overview

Elmira Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.27% (excellent) based on September 39, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $16.55 million, an excellent growth rate of 3.62%. Please refer to our financial overview of Elmira Savings Bank (FDIC Certificate # 16001) for more details.

Currently the 73rd largest bank in New York state, Elmira Savings Bank was established in 1869 as the Southern Tier Savings Bank. (The Southern Tier are the New York counties west of the Catskill Mountains that run the length of Pennsylvania’s northern border.) The Bank’s name was changed to The Elmira Savings Bank in 1890, with the more formal “The” dropped in 2012. The following excerpt is from ESB’s newsletter, The Advisor.

The principle of saving money was so important in the 19th century to the U.S. economy that a whole segment of the banking industry was dedicated to it. In 1869, the Elmira Savings Bank was chartered and, until the early 1980s, its sole purpose was to provide home mortgage loans and savings accounts to its customers. In the early 1980s, deregulation occurred which allowed banks like ours to broaden its product offerings which may have changed the perception on the importance of saving money.

How the CD Specials Compare

When compared to 234 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the market area, Elmira Savings Bank’s 29-month CD Special APY currently ranks second.

When compared to 189 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the market area, Elmira Savings Bank’s 19-month CD Special APY currently ranks third.

The above rates are accurate as of 1/16/2019.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Syracuse CD rates, Elmira CD rates, 1-year CD rates, 5-year CD rates

6.00% 9-Month CD at a New York Bank (Elmira Savings)
Elmira Savings Bank is offering a 6.00% APY 9-month special certificate of deposit. There is no penalty for early withdrawal. You can qualify for a 0.25% higher rate if you open a Maximizer Checking account which requires $2.5 in aggregate deposits to avoid a $10 monthly fee.

The bank has branches in the New York cities of Elmira, Horseheads and in the Pennsylvania city of Mansfield.

Elmira Savings Bank has been FDIC insured since 1943. Bankrate.com rates the bank 3 out of 5 stars (performing).

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