Warsaw Bank is ending the week with a 70 basis point increase on its 5-year CD (2.75% APY). The 2.75% APY is the highest rate offered on the 5-year CD in its more than five year history. There have been 13 rate changes in those five years, with the majority of the rates at or below 2.05% APY.
The minimum opening deposit is $1K, with no balance cap. The 5-year CD is also available as an IRA (Traditional and Roth) earning the same APY, but with a lower minimum deposit of only $50.
According to CSR, the Early Withdrawal Penalty is a substantial 2 years interest.
Headquartered in Cincinnati, Warsaw Federal’s market area is the greater Cincinnati metropolitan area. Warsaw Federal has been operating in and around Cincinnati for more than 120 years, but has recently begun styling itself as "Banking for Cincinnati’s New Generation."
Opening a CD requires an in-person visit to either of two Ohio branches, both located in Cincinnati. Warsaw Federal also has two mortgage division offices located in Cincinnati and Columbus.
Warsaw Federal’s online platform is currently dedicated to account management and bill pay services, including the increasingly popular Popmoney.
Warsaw Federal (FDIC Certificate # 28217) has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 5.87% (excellent) based on December 31, 2015 data. Warsaw Federal has an excellent capitalization level of 14.96%, the result of holding $62.93 million in assets with $9.41 million in equity. Please refer to our financial overview of Warsaw Federal for more details.
Warsaw Federal was founded in 1893 as the Warsaw Federal Savings and Loan Association by three Cincinnatians – Franklin Walters, John Weber, and Edward Doctor. The Bank’s name was derived from its first home in the Price Hill neighborhood on Warsaw Avenue, where it shared a building with John Weber’s shoe repair shop. The main branch is still on Warsaw Avenue and "remains a friendly neighborhood savings and loan with the convenience you expect in today’s busy world."
How the CD Compares
When compared to the 176 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Cincinnati metro area residents, Warsaw Federal’s 5-Year CD currently shares the top spot with General Electric Credit Union’s 5-Year Share Certificate.
The above rates are accurate as of 5/26/2016.