Fahey Bank (OH) Offers 60-Month CD Special

POSTED ON BY

UPDATE: 9/13/2018 – Only available to Ohio residents.

Deal Summary: CD Specials – 48-month (3.50% APY), 60-month (4.00% APY), $500 minimum deposit, Kasasa checking required.

Availability: Nationwide Ohio residents only.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00%$500-Fahey Bank60 Month CD Special w/Qualifying Kasasa
3.50%$500-Fahey Bank48 Month CD Special w/Qualifying Kasasa
Rates as of November 12, 2018.

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.

Kasasa Checking

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.25*%-$25kFahey BankKasasa Cash
OTHER TIERS: 0.30% $25k+
Rates as of November 12, 2018.

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.

Availability

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.

Opening either a Kasasa Cash or Kasasa Cash Bank account can be done online, or at any of the three Ohio branches, all located in Marion.

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.

Bank Overview

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.

Related Pages: Columbus checking accounts, reward checking accounts, 5-year CD rates, nationwide deals

Comments
spentcattle
spentcattle   |     |   Comment #1
Ken after calling bank I was told the early withdrawl penalty is five years of interest. I will call again and double check
Newbie1
Newbie1   |     |   Comment #2
Is this a variable rate CD? If you open a Kasasa checking account but don’t meet the checking account monthly qualifications, is the CD interest rate reduced 50 bps or is the APY fixed at the time of opening depending on the ownership of the checking account?
Robb
Robb   |     |   Comment #3
Too many hoops to jump through and about the highest EWP I've ever seen.
deplorable 1
deplorable 1   |     |   Comment #9
I agree Robb that EWP is a real kick in the teeth. Not only that but if you forget to login one month the rate goes to 3.5% I believe. This looks like a trap to suck in cash right before 5 year CD's go up to 5% soon.
larry
larry   |     |   Comment #10
Could not agree more, what is this a reward checking or a guarantee rate where you park you cash without the hoops...looks like the former. 5 handles coming soon me thinks!
#11 - This comment has been removed for violating our comment policy.
#13 - This comment has been removed for violating our comment policy.
Captain Obvious
Captain Obvious   |     |   Comment #5
This can't be correct, or the money could be withdrawn each time interest is paid (and accrued interest is zero) with zero penalty.
----
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.
spentcattle
spentcattle   |     |   Comment #6
someone on the phone said early withdrawal penalty is five years worth of interest. Captain could you please provide a link to the Certificates of Deposit page. Thanks
Also look at this
https://www.faheybank.bank/custom/fi/thefaheybankingcompany/fb/disclosure/60MonthCd.pdf
Captain Obvious
Captain Obvious   |     |   Comment #7
That is a quote from Ken's post. I am not interested in this CD so am not interested in what is correct, only pointing out an obvious error.
Reader 1
Reader 1   |     |   Comment #8
I can't find any useful/relevant information on the Fahey Bank's website. Based on an OUTDATED disclosure statement for an earlier 60 month CD, it appears that:

1. Early Withdrawal Penalty is 5 years interest which WILL result in loss of principal.
2. Withdrawal of interest is NOT allowed prior to maturity.

These conditions combined with the Kasasa checking account requirements, make this deal very unappealing.
Ray
Ray   |     |   Comment #12
I was told that EWP is all the interest you have earned, but it will not touch principal, in other words you earn zero interest if you withdraw early. I was also concerned about the 12 debit card transactions each month in the linked Kasasa checking, but apparently, if you don't complete those, the only penalty is that you will not earn the stated interest on the Kasasa checking. You can, at any point, ask that earned interest in your CD be put into your Kasasa checking account which is helpful for seniors like me who may need the interest income, at some point within the 5 years.
Reader 1
Reader 1   |     |   Comment #17
Ray, according to the bank’s current Rates webpage, the listed 4% 60 month CD is a Kasasa qualified CD rate that “requires an open and qualified Kasasa Checking Account”. This does not sound like you will continue to earn 4% on the CD if your Kasasa checking becomes non-qualified later on. If the bank CSR is telling you differently, please insist on getting it in writing. Same goes for the EWP language.
smitty in the city
smitty in the city   |     |   Comment #14
I was thinking,,,eh, thats not too many hoops. but that EWP... hahahahah...ahaahhaahahahaaa... omgwadhaahhahahahahahaahahahahahhahahahahhaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
#16 - This comment has been removed for violating our comment policy.
RJM
RJM   |     |   Comment #15
Maybe I am reading it wrong, but the 4% rate does not mean you MUST meet the transaction requirements does it? Can't you just open the checking with $100 and pull $99 out and then maybe do a small ACH every 6 months or so to show activity?

That is, It sounds like a simple YES/NO on the checking. Yes, once you have the checking, you get the CD rate. Even if you fail to meet the checking requirements for the 2.25% rate.

So, if you want the 5 year CD at 4%, the checking requirement should not be that big of a deal.

The CD rate does not appear to be dependent on the 12 transactions and the monthly log in. Just that you have the checking open.

This is a well above market rate for a 5 year CD.

Hopefully, others will raise their long term rates too.
Reader 1
Reader 1   |     |   Comment #18
RJM, see my comment #17.
RJM
RJM   |     |   Comment #19
Yes, good catch. "Qualifying" is the key word that I missed.

Would not bother with it if you have to jump thru hoops for years.
Today’s Call
Today’s Call   |     |   Comment #20
This posting is wrong. It’s only for Ohio consumers.
rrr72258
rrr72258   |     |   Comment #21
I applied online for Kasasa checking account and 60 month cd special yesterday. The bank called this morning and said it was for Ohio residents only.
losingtrader
losingtrader   |     |   Comment #22
A few years from now this rate will be low. Listen to Jamie Dimon.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.