For a limited time, Fahey Bank (Ohio) has a series of CD Specials with a Kasasa Cash checking relationship. Of the five CD Specials offered, the 48-month (3.50% APY) and 60-month (4.00% APY) have the most competitive rates. The minimum opening deposit for any of the CD Specials is $500, with no stated balance cap.
Note: the CD Specials are also available without a Kasasa checking relationship, but with an APY 50 bps lower. Finding the CD Special rates on the Bank’s website required some hunting, but they can be found on the Kasasa Rates sheet.
As stated in the fine print on the Certificates of Deposit page, the Early Withdrawal Penalty (EWP) reads as follows:
Early withdrawals may result in losing all the interest you have accrued.
The word “may” in the EWP is a bit misleading: according to CSR, the EWP is definitely a loss of all accrued interest.
The first step toward opening a CD Special is to open either a Kasasa Cash or Kasasa Cash Back checking account online. The Kasasa Cash checking account earns 2.25% APY on qualifying balances up to $25k and 0.30% APY on qualifying balances of $25k+. Non-qualifying balances earn 0.05% APY. The minimum opening deposit is $100 and there are no fees of any kind. Nationwide ATM fees will be reimbursed up to $25 per month on qualifying balances.
The monthly requirements to earn the 2.25% APY are,
- At least 12 debit card purchases
- Be enrolled in and receive e-statements
- Be enrolled in and log into online banking at least once per month
The Kasasa Cash Back checking account earns 2.25% APY on debit card purchases, and is limited to $108 of earnings per year, with a $9 per month maximum. This fee-free account requires a $100 minimum opening deposit. Like the Kasasa Cash checking, nationwide ATM fees are also reimbursed up to $25 per month on qualifying balances.
Headquartered in Marion, Ohio (50 miles north of Columbus), Fahey Bank’s primary market area has traditionally been Marion County,
but a portion of the product line is now available nationwide but the CD Special/Kasasa Cash combos are offered to all Ohio residents.
While there is an online application of sorts for CDs, according to CSR it’s really an information gathering tool. After submitting the three-part “Open Your Account” document, a branch manager will contact you with all the details of how to actually open your CD Special.
I certainly don’t want to put a damper on the CD Specials, but be aware that small banks are often unprepared for an onslaught of out-of-state people trying to open accounts, particularly when an automated application process isn’t in place. If this offer continues to be available nationwide, that’s great, but I won’t be that surprised if Fahey Bank reconsiders the availability issue.
Fahey Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 5.30% (excellent) based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $12.31 million, an excellent annual growth rate of 8.28%. Please refer to our financial overview of Fahey Bank (FDIC Certificate # 2068) for more details.
Originally known as The Bank of Ireland, Fahey Bank opened its doors for business in 1865, in the back of Timothy Fahey’s general store. While that might seem an odd location for a bank,
In the early years of the bank, farmers generally paid for purchases by giving notes from the merchants. When the farmers came in at harvest time to pay off their notes, they often left their extra funds on deposit, and the bank grew rapidly.
As the oldest family business in Marion, Fahey Bank is still operated by the descendants of Timothy Fahey, including the current CEO, Carl F. Hughes, a great-great grandson of the Bank’s founder.
How the CD Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Fahey Bank’s 60-month CD Special APY currently ranks first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Fahey Bank’s 48-month CD Special APY currently ranks first.
The above rates are accurate as of 9/12/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.