First Choice Bank’s Money Market Rates Leading The Way In New Jersey

December 7, 2011 No Comments »

During this week’s survey of the top money market account rates in New Jersey, we were reminded of one interesting bank with two interesting rates – First Choice Bank. First Choice Bank of New Jersey offers between 0.90% APY and 1.40% APY on their personal money market accounts depending on deposit size.

The interest rates are set up in three tiers. If you’re balance remains between $1 and $9,999 you’ll earn the lowest rate of 0.90% APY – still a large step up from the national average of 0.72% APY. If you’re balance sits between $10,000 and the FDIC ceiling of $249,000 you’ll earn a very respectable 1.15% APY. However, if you’d like to exceed your FDIC insurance limit and stash more than a quarter of a million dollars in the account you’ll save at a rate of 1.40% APY. The fact that they are attempting to entice consumers to exceed FDIC insurance limits is somewhat strange and rarely practiced by FDIC insured banks or NCUA insured credit unions. And regardless of interest rate, we would never recommend depositing more than $250k into a bank CD.

The 1.15% APY they offer on everything above $10k and below the FDIC limit is a very competitive offer both in New Jersey and throughout the country. You’ll be hard pressed in any state to find a MMA rate above 1.00% APY, so to see an offer 15% above that is encouraging. You can compare all MMA rates from our database to see how this offer stacks up against the competition.

First Choice Bank has just 5 locations – all of which reside in New Jersey. You can contact their main branch at (866)546-8273.

Additional Noteworthy Personal Money Market Rates in NJ (December 2011):

- Cornerstone Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $500.

- Customers Bank (Trenton, NJ) is offering MMA’s at 1.0% APY requiring a minimum balance of $1,000.

- Cornerstone Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $500.

- Union County Savings Bank is offering MMA’s at 1.0% APY requiring a minimum balance of $2,500.

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