Tioga-Franklin Savings Bank is marketing a novel certificate of deposit that comes with some intriguing bells and whistles.  The bank CD is marketed as a cure for traditional certificates that are not the most exciting way to invest your savings with low returns and the constant expectation of rising rates.

Tioga-Franklin Savings Bank’s new CD is an excellent solution to that dilemma, according to the bank.  Whether or not you believe the propaganda, the CD attributes are compelling.  The term on the promotion CD is five years, the account is identified as the FRANKLIN GOLD account.

The account has a high yield right out of the gate with an APY of 2.10%, almost three times the national average rate for a five year CD.  Account holders also have an option during the term of the CD to get an increase to the current 5 year rate Tioga Franklin Savings Bank offers for the remaining term, at no cost to the account holder.  The rate increase option is available at any time during the original term of the account. Request must be in writing, e-mail, or in person.  This option can be exercised once over the original term of the account.

For account holders that think they may need access to their funds before the account reaches maturity, the bank provides a CD loan option.  Customers can borrow against their account balance at any time at 4.25%.  Certain terms and conditions apply.

The Tioga-Franklin account pays interest monthly, either by check or via direct deposit. Funds withdrawn prior to maturity are subject to early withdrawal penalties.  The penalty is based on the length of time the funds remained on deposit.  To determine the interest to be paid on the withdrawn funds, the bank will calculate the penalty portion attributed to the withdrawn funds and apply that factor first to the accrued interest and then to the principal portion of the funds withdrawn.

The minimum deposit required for this account is $5,000.00.  Standard certificate of deposit at Tioga-Franklin Savings Bank can be opened at with as little as $500.00.  This is a limited time promotion.  Rates current as of April 24, 2017 and are subject to change. Additional terms and conditions may apply.

Additional bank rate information on local PA CD rates can be found at SelectCDrates.com.

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