Dedicated to Deposits: Deals, Data, and Discussion

Checking, Money Market and CD Deals at First National Bank of the Gulf Coast in SW FL - Local Only

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First National Bank of the Gulf Coast

First National Bank of the Gulf Coast is offering three attractive promotions:

  1. 2.21% APY checking account with rate guaranteed through 12/31/2010
  2. 2.03% APY money market account with rate guaranteed through 12/31/2010
  3. 2.16% APY 14-month certificate of deposit

These rates are shown in the main banner on the bank's front page as of 3/19/2010. These are limited time promotions so they could end at anytime. Each banner links to a separate promotions page which has more details.

Checking Account

The checking account is called the Gold T-Bill Checking. There's no monthly service charge and it offers free unlimited ATM withdrawals from any ATM Worldwide. Minimum balance is $5,000. If the balance falls below $5,000, the rate falls to 0.19%.

This checking account looks like it'll be a good deal even after the promotional period. According to the small print of the offer:

As of January 1, 2011, the interest rate will be equal to 1% over the 6 month T-Bill rate. These rates will be fixed for the quarter based on the rate of the 6 month T-Bill as published on the U.S. Treasury website as of the last business day of the prior quarter.

Note, this isn't a reward checking account that requires debit card usage and has a balance cap.

Money Market Account

The Premier Money Market has a 2.02% APY on balances of at least $10,000. Like the checking account, this rate is also guaranteed to 12/31/2010. The rate falls to 0.25% if the balance drops below $10,000. Like the checking, there's no monthly service charge and it offers free unlimited ATM withdrawals from any ATM Worldwide. Like any money market account, it has a limit of 6 withdrawals per month.

I'm not sure why someone would pick the money market account over the checking account. Since the checking has a higher rate with the same 12/31/10 guarantee, I'm not sure if there are any advantages of going with the money market account rather than the checking.

Certificate of Deposit

The third promotion is a 2.16% APY 14-month CD. Minimum deposit is $5,000.

Local Residents Only

The promotion pages state that these are only for residents of Lee and Collier Counties. These counties are in Southwest Florida. Branches are located in Naples and Lehigh Acres.

The bank's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). Note, this bank used to operate with the name Panther Community Bank. The bank has been a FDIC member since 2007 (FDIC Certificate # 58532).

Thanks to the reader who sent me an email on this promotion.


  Tags: First National Bank of the Gulf Coast, Florida, CD rates, checking account, money market accounts

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