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.
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