Competitive Long-Term CD Rates in Ohio at Wayne Savings - Local Only

POSTED ON BY

Wayne Savings Community Bank just increased the rates on its long-term CDs and IRA CDs. The new rates are now quite competitive. These include a 3.00% APY 10-year CD and a 2.00% APY 6- and 7-year CD. Minimum deposit is $500. These rates are listed in the bank's rate schedule as of 3/22/2012. Below the rate table, it states "APY/Interest Rates are current through March 27, 2012".

Under the rate table, several CD details are provided. The early withdrawal penalties for the long-term CDs are described as "(2) six months interest if the account term is greater than one year, (3) 1 year interest if the account term is the 6 year CD Special." Unfortunately, the following transaction limitation is listed: "After the account is open, deposits and withdrawals to the principal are not permitted until the maturity date." I don't know why banks include this transaction limitation when they list early withdrawal penalties. I have to conclude that the bank could use this limitation to refuse an early withdrawal request.

It appears that a branch visit is required to open a CD. They do have a toll-free number (1-800-414-1103). If you learn of any new details, please leave a comment.

Wayne Savings branches are located in the Ohio cities of Ashland, Creston, Lodi, Millersburg, North Canton, Rittman and Wooster.

The bank has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 16.47% (average) based on December 2011 data. Please refer to our financial overview of Wayne Savings for more details. The bank has been a FDIC member since 1961 (FDIC Certificate # 29847).

How These CD Rates Compare

The best 10-year CD rate that's nationally available is 2.70% APY at Apple Federal Credit Union. The best 7-year CD rate is 2.50% APY at Pentagon Federal Credit Union. These rates are accurate as of 3/22/2012.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Related Pages: Wayne Savings Community Bank, Cleveland, Youngstown, CD rates, IRA rates

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.