Philadelphia-based Tioga Franklin Savings Bank (Tioga Franklin) has added two “Now and Later” CDs to its product line, both earning 3.04% APY. The “Now and Later” refers to the term lengths: 1-year (Now) and 5-year (Later). Both CDs require a $5k minimum opening deposit of new money to qualify for the 3.04% APY. New money is simply defined as funds not on currently on deposit with Tioga Franklin. While it is possible to open either CD with a $500 minimum deposit, the APYs are extremely low: 0.25% APY (1-year) and 0.75% APY (5-year).
There is no Truth-in-Savings disclosure attached to Tioga Franklin’s website; the following information is from a conversation with CSR.
The Early Withdrawal Penalty (EWP) for the 1-year CD is six months of interest and twelve months of interest for the 5-year CD. No partial withdrawals are allowed, only an early closure. At first glance, these EWPs seem middle-of-the road (neither mild or harsh), but the matter of when interest is compounded and credited plays a crucial role in the practical application of the EWP. According to CSR, interest is compounded and credited annually, with an early closure of the 1-year CD resulting in a loss of all interest. In the case of the 5-year CD, the optimal time for an early closure would be immediately following the annual interest being credited, but it’s still an onerous EWP.
Funding a CD can be done by ACH, wire, or check. Maturing funds will be distributed by cashier’s check to the address on file or transferred into a Tioga Franklin checking or savings account.
Unlimited beneficiaries can be designated, with either equal shares or assigned percentages. As stated on the “Personal Banking Application,” the following information is required or preferred for each named beneficiary.
Full name Required
Date of Birth Required
Full Physical address Required
Social Security number Required
Telephone Number Required
Email Optional but preferred
Headquartered in Northeast Philadelphia, Tioga Franklin Savings Bank’s market area expanded last year and now includes the tri-state area of Pennsylvania, New Jersey, and Delaware.
In addition to an expanded market area, the Tioga Franklin website now has an online application of sorts. The “Personal Banking Application” captures only basic personal information, including an upload of a current, valid driver’s license (or government ID with a PA, NJ, or DE address), Social Security card, and a “Description of Intended Banking.”
According to CSR, following the submission and approval of the application, you will be contacted by the Bank. Finalizing the opening of a CD will be done through phone calls and email. Funding a new CD can be done through Tioga Franklin’s Virtual Banking platform or by ACH, wire or check.
Those who live in the Philadelphia metro area can open a CD at the sole Pennsylvania branch, which is located on East Girard Avenue in Philadelphia’s historic Fishtown neighborhood.
Tioga Franklin Savings Bank has an overall health grade* of "B+" at DepositAccounts.com, with a Texas Ratio of 10.55% (excellent) based on March 31, 2022 data. Tioga Franklin has an excellent capitalization level (12.92%), the result of holding $60.41 million in assets with $7.81 million in equity. Please refer to our financial overview of Tioga-Franklin Savings Bank (FDIC Certificate # 33802) for more details.
Tioga Franklin Savings Bank was established as the Tioga Building and Loan Association in 1873, an odd time to open a B&L: the country was in the midst of the Panic of 1873, which preceded a six-year economic depression. Known for stability and personal service that George Bailey would approve of, the B&L grew for 100 years, and in 1973 merged with Franklin Savings and Loan Association, forming the Tioga Franklin Savings Association. In 2000, Tioga Franklin changed to a mutual savings bank and became FDIC insured.
Tioga is one of those words that most Americans are familiar with, but aren’t quite certain what it means. The word is derived from a Native American word that means “the forks of a stream.” There are rivers named Tioga in New York, Pennsylvania, New Hampshire, and Michigan.
How the 1-Year CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Tioga Franklin Savings Bank 1-Year CD. The following table compares the 1-Year CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 7/12/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.