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2.38% 12-Month CD at First Choice Bank in California - Local Only

POSTED ON BY

First Choice Bank
First Choice Bank is offering a 2.38% APY on a 12-month CD. Minimum deposit is $10,000. This rate isn't listed at the bank's website. A reader emailed me info on this, and I called today to confirm that it's still available. According to the CSR, a higher rate of 2.43% APY is available for a terms just over 1 year (366 days) to 18 months with a minimum deposit of $50,000. The early withdrawal penalty is 1 month of interest for terms up to one year, and 3 months of interest for terms over one year. The CSR didn't know how much longer these rates would last. The rates have remained the same since June.

A branch visit is required for new customers. Branches are located in Cerritos and Alhambra, California.

First Choice Bank's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial (based on 6/30/09 data) and 3 stars (performing) at Bankrate.com (based on 3/31/09 data). The bank has been a FDIC member since 2005 (FDIC Certificate # 57966).

Thanks to the reader who emailed me the CD info.

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  Tags: California, First Choice Bank, CD rates

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
I just called (9/22/2009) and the rates are still good. FYI...the 24 MO CD is paying 2.43% for deposits of $10,000-$49,999.

1
Comment #2 by Anonymous posted on
Anonymous
Update from previous comment. I just opened a CD (typical in-branch process). They use days as opposed to months for their terms. For deposits less than $50,000, the 540 day term (approx. 18 months) pays 2.38% APY, but add 1 day (541 day term) and you get 2.43% APY. Not too bad for adding just one day.

1