1st Colonial Community Bank (southern NJ/Philadelphia metro area) has again increased the rates on their 3-year and 5-year CDs. The rates on these two CDs (also available as IRAs) have consistently risen since early 2012. 1st Colonial's website currently lists the 3-year CD at 1.51% APY and the 5-year CD at 2.01% APY. Both can be opened with an initial deposit of $500, but there is a maximum deposit of $250K per Tax ID Number. 1st Colonial's website states there is a "substantial penalty for early withdrawal," which translates into the industry standard of 6-months' worth of earnings.
In keeping with 1st Colonial's philosophy and image of "small town banker," opening these CDs requires a visit to one of three New Jersey branches: Collingwood, Westville, or Cinnaminson.
Headquartered in Collingwood, NJ, 1st Colonial has an overall health grade at DepositAccounts.com of B+, with a Texas Ratio of 11.98% (above average) based on March 2014 data. 1st Colonial's deposits have grown by $35.53M in the past year, a healthy increase of 13.25%. The bank has been a FDIC member since its establishment in 2000 (FDIC Certificate #35456). Please refer to our financial overview of 1st Colonial Community Bank for more details.
How the CD Rates Compare
While the 3-year CD's rate (1.51% APY) is near the bottom of those listed in DA's most recent weekly Summary of the Best CD Rates, the lack of restrictions and the low minimum deposit requirement makes it attractive and accessible to many investors. The 5-year CD's rate (2.01% APY) falls solidly in the middle of DA's most recent weekly Summary, and also has the $500 initial deposit requirement and no special restrictions.
The above rates are accurate as of 7/11/2014.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.