In the past five years, I’ve written twice about a 3-year CD Special offered by Cleveland-based The Pioneer Savings Bank (PSB). The lead-in for my August 2019 blog post was,
Yes, 3% CDs are still available in some metropolitan areas.
While no longer offered as a CD Special requiring new money, PSB’s regular 3-year CD is currently earning 1.25% APY – less than half of what it earned 19 months ago, yet still quite a competitive rate. The minimum opening deposit is $500, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the 3-year CD is 180 days interest on the amount being withdrawn, with partial withdrawals allowed.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 (with its centenary occurring in eight months), the Bank only began offering CDs and Money Market Accounts within the past five years.
Temporary Hours of Operation Until Further Notice During COVID-19
Tuesday to Friday: 9:00 AM – 1:00 PM
Saturday: 9:00 AM – 12:00 PM
Closed Sunday & Monday
The Pioneer Savings Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 10.92% (excellent) based on December 31, 2020 data. In the past year, PSB has increased its total non-brokered deposits by $2.13 million, an excellent annual growth rate of 9.22%. Please refer to our financial overview of The Pioneer Savings Bank (FDIC Certificate # 27847) for more details.
When I read the word "pioneer," I envision 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. In 1951, the S&L became known as The Pioneer Savings and Loan when it relocated to its present location. The Pioneer Savings Bank rebrand occurred 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 Compares
When compared to 267 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 APY currently ranks first.
The above rates are accurate as of 3/31/2021.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.