Yes, 3% CDs are still available in some metropolitan areas. Cleveland-based The Pioneer Savings Bank (PSB) raised the rate on its 3-year CD Special to 3.00% APY at the beginning of the year, and that rate is still in effect today. The minimum opening deposit is $500 of new money, with no stated balance cap. New money is simply defined as funds not currently on deposit with PSB.
According to CSR, the Early Withdrawal Penalty for the 3-year CD Special is 6 months interest, with partial withdrawals allowed.
Headquartered in the Detroit-Shoreway neighborhood on the West Side of Cleveland, The Pioneer Savings Bank has been "Serving the Greater Cleveland Area & Gordon Square Arts District Since 1922." In recent years, the Detroit-Shoreway neighborhood has become both a local and national model for responsible urban redevelopment.
Although PSB is a well-established financial institution, the Bank started offering CDs and Money Market accounts only a couple years ago.
Opening the 3-Year CD Special must be done in person at The Pioneer Savings Bank’s sole branch, located on Detroit Avenue in Cleveland.
The Pioneer Savings Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.71% (excellent) based on March 31, 2019 data. In the past year, PSB has increased its total non-brokered deposits by $1.33 million, an excellent annual growth rate of 7.07%. Please refer to our financial overview of The Pioneer Savings Bank (FDIC Certificate # 27847) for more details.
The word "pioneer" always makes me think of covered wagons, the Great Plains, and Westward Expansion; The Pioneer Savings Bank couldn’t be further from that description. Founded in 1922, the original name was Roumanian Savings and Loan (yes, Roumanian), created by and for immigrant Romanians, and was located in the heart of the West Side Romanian community in Cleveland. The name was changed to The Pioneer Savings Bank in 1990 and the Bank soon became known as “PSB” to the locals. PSB has continued to serve the West Side community as the neighborhood has transformed into a vibrant arts district.
How the CD Special Compares
When compared to the 248 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to northeast Ohio residents, The Pioneer Savings Bank’s 3-Year CD Special currently ranks second.
The above rates are accurate as of 8/19/2019.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.