Posts Tagged ‘First Choice Bank’
First Choice Bank CD rates notably higher than national average
Thanks to BankVibe.com reader Heather for forwarding us a noteworthy 12 month (err…366 day) CD rate coming from First Choice Bank of California. After compiling a list of the highest CD rates in California a little while back, Heather noted one that slipped under our radar that should be added to our top CD rates of 2011 list.
Below are the details regarding this product and other deposit rates from First Choice Bank.
First Choice CD Rates, Terms and Conditions:
(Rates accurate as of August 2011. Visit FirstChoiceBankCA.com for updated rates and information or visit our CD rates center for updated rates from around the country.)
First Choice Bank of California breaks down their deposit products in terms of days and amount of money invested. So for example, if you keep your money in a 12 month CD (365 days) and invest between $2,500 and $50,000 you’ll receive an APY of 1.20%, however, if you opt for a 366 day CD (one day over one year) you’ll get an APY of 1.30% AND if you invest between $50,001 and $499,999 you’ll get your rate bumped up a little more to 1.35% APY.
Complete list of rates:
| DAYS | $2,500 to $4,999 | $5,000 to $49,999 | $50.000 to $99,999 | $100,000 to $499,999 | $500,000 and up |
| APY | APY | APY | APY | APY | |
| 7 to 29 | N/A | N/A | N/A | 0.40% | 0.40% |
| 30 to 91 | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| 92 to 182 | 0.80% | 0.80% | 0.85% | 0.85% | 0.80% |
| 183 to 287 | 1.00% | 1.00% | 1.10% | 1.10% | 1.00% |
| 288 to 365 | 1.20% | 1.20% | 1.25% | 1.25% | 1.20% |
| 366 to 540 | 1.30% | 1.30% | 1.35% | 1.35% | 1.30% |
| 541 to 730 | 1.50% | 1.50% | 1.60% | 1.60% | 1.50% |
| 36 Months | 1.80% | 1.80% | 1.90% | 1.90% | 1.80% |
| 48 Months | 2.00% | 2.00% | 2.10% | 2.10% | 2.00% |
| 60 Months | 2.30% | 2.30% | 2.40% | 2.40% | 2.30% |
One word of caution – according to their website their rate tables have not been updated since December of 2010.
Best 1 year CD rates in California found at First Choice Bank
Thanks to BankVibe.com reader Justine for notifying us on some of the best 1 year CD rates in California. Currently, First Choice Bank is offering 1 year CDs with APY’s of between 1.60% and 1.65% depending on your deposit amount. Although we call these “1 year CD’s” they are technically 366 day CD’s. If you opt for a 365 day CD your APY will sit between 1.45% and 1.50% depending on your deposit amount. To put these offers in perspective the current national average for 12 month CD’s hover around 0.95% APY.
First Choice Bank is headquartered in Cerritos, California and has just two offices (Cerritos, CA and Alhambra, CA).
Complete list of CD rates offered through First Choice Bank of California:
(Rates accurate as of 10/2010. The last time First Choice Bank’s CD rates were updated was on the first of October, so they may not be available for much longer.)
- 3 month CD yielding between 0.95% and 1.05% APY depending on deposit amount.
- 6 month CD yielding between 1.15% and 1.25% APY depending on deposit amount.
- 9 month CD yielding between 1.45% and 1.55% APY depending on deposit amount.
- 12 month CD yielding between 1.60% and 1.65% APY depending on deposit amount.
- 24 month CD yielding between 1.80% and 1.90% APY depending on deposit amount.
- 36 month CD yielding between 2.10% and 2.20% APY depending on deposit amount.
- 48 month CD yielding between 2.30% and 2.40% APY depending on deposit amount.
- 60 month CD yielding between 2.60% and 2.70% APY depending on deposit amount.
If you live in Southern California and know of higher CD rates offered through your local bank or credit union, please share by leaving a comment!
Best 6 month CD rates in New Jersey found at First Choice Bank
The top 6 month CD rates in the state of New Jersey can currently be found at First Choice Bank. With a minimum deposit of $1,000 you can lock in a six month CD with a yield of 1.61% APY. The national average for 6 month certificate of deposits currently sits at 1.02% APY (to put this offer in perspective).
First Choice Bank has three locations in New Jersey. They have branches in Lawrenceville, Hamilton and (as of recently) Robbinsville, New Jersey.
As a side note, First Choice Bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program. And customers of First Choice Bank with noninterest-bearing transaction accounts will continue to be insured through December 31, 2009 for up to $250,000 under the FDIC’s general deposit insurance rules.
You’re deposits, however, are and will continue to be insured by the FDIC.
Some other noteworthy deposit rates offered by First Choice Bank:
9 month CD yielding 1.75% APY with a minimum deposit of $1,000 required.
12 month CD yielding 1.99% APY with a minimum deposit of $1,000 required.
18 month CD yielding 2.00% APY with a minimum deposit of $1,000 required.
24 month CD yielding 2.25% APY with a minimum deposit of $1,000 required.
3 year CD yielding 2.50% APY with a minimum deposit of $1,000 required.
* An early withdrawal will reduce the earnings in which your CD rates provides. All deposits offered through First Choice Bank are federally insured by the FDIC.
Highest yielding money market account rates in California
Below are the best money market account rates we have found serving residents in the state of California. After digging through a number of rate pages of local banks and credit unions we have found that national banks are able to provide more competitive interest rates the local California banks. The only credit union offering a lucrative interest rate was Provident CU and it is a promotional offer which is set to expire this year.
We had a pretty substantial debate on BankVibe last month on whether or not local banks and credit unions offered better products than the large national banks and concluded that it varied from state to state. Many states with high population density such as California tended to lean towards the national banks for more competitive rates, while states such as Kansas, Nebraska and Idaho tended to lean towards local institutions for the highest yielding interest rates.
Top 2 MMA (money market accounts) in California:
(clicking on the institution will bring you to their home page)
- Provident Credit Union: Redwood Shores, CA. Money market account yielding 2.0% APY. This is a promotional offer which is subject to change without notice. Their is no minimum balance associated with this account. Provident Credit Union also has a rewards checking account which features an APY of 3.50%. Like all rewards checking accounts, you must complete a list of monthly requirements to earn the advertised interest rate. Provident CU has several locations throughout California. They have branches in San Jose, Belmont, Daly City, Eureka, Folsom, Hayward, Los Gatos, Millbrae, Monterey, Oakland, Palo Alto, Redwood City, Redwood Shores, San Francisco, San Mateo, San Ramon and Walnut Creek. Joining Provident CU is based upon where you work, where you live, and who your family members are (is anyone in your family a member?).
- First Choice Bank: Cherritos, CA. Money market account yielding 2.0% APY with a minimum deposit amount of $10,000. The mission of First Choice Bank is to set a new banking standard where the customer always comes first. They claim that their primary goal is to understand the individual concerns and financial services needs of our customers, and to provide a prompt, professional and decisive response. First Choice Bank will strive to exceed the expectations of our customers and shareholders through vision, innovation, integrity, commitment and teamwork.
Both of the above institutions are federally insured by either the FDIC or NCUA. If you live in California and know of a better money market account offered through your local bank or credit union, please share by leaving a comment.
