Cleveland-based The Pioneer Savings Bank is offering a 3-year CD Special (2.00% APY). The minimum opening deposit is $500 of new money, with no balance cap.
Although a well-established financial institution, The Pioneer Savings Bank has only recently started offering CDs and Money Market accounts.
According to CSR, the Early Withdrawal Penalty for the 3-year CD Special is 6 months interest.
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.
Opening the 3-Year CD Special must be done in person at The Pioneer Savings Bank’s sole branch location on Detroit Avenue.
Bank OverviewThe Pioneer Savings Bank (FDIC Certificate # 27847) has an overall health rating of "B+" at DepositAccounts.com, with a Texas ratio of 8.04% (excellent) based on December 31, 2015 data. In the past year, The Pioneer Savings Bank has increased its total deposits by $1.06 Million, an excellent annual growth rate of 7.73%. Please refer to our financial overview of The Pioneer Savings Bank for more details.
When I see the word "pioneer" in a name of an institution or book, I automatically 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. The name was changed to The Pioneer Savings Bank in 1990 and the Bank has continued to serve the community as it transforms into a vibrant arts district.
How the CD Compares
When compared to the 194 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 first.
The above rates are accurate as of 3/2/2016.