First Choice Bank has made some rate cuts since my June post, but the bank continues to offer competitive CD and money market rates. The best CD rates include a 3.00% APY 5-year CD, a 2.75% APY 4-year CD, a 2.50% APY 3-year CD and a 2.00% APY 2-year CD. Minimum deposit is $1,000. These rates are listed in the bank's FAQs Page as of 9/28/2010.
The bank also has a competitive money market account with a 1.25% APY as of 9/28/2010 for balances from $10K to under $250K. The rate is 1.50% APY for balances over $250,000. This money market account has a history of top rates. For balances from $10K to $250K, the yield was 1.50% back in June and 2.50% back in January 2009.
It appears a branch visit is required to open an account. The bank now has branches in Lawrenceville, Hamilton and Robbinsville, New Jersey, and it will soon be opening a new branch in Mercerville.
The bank has an overall health score of 4 out of 5 with a Texas Ratio of 17.44% (excellent) based on 6/30/10 data. Please refer to our financial overview of First Choice Bank for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58471).