Climate First Bank Adds Nationally Available CDs, MMA, and Checking Accounts

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Deal Summary: 5.34% APY - 6-month CD Special (no penalty), $500 min; 15-month Flex CD Special (partial no penalty and add-on), $500 min; Choice Personal Money Market, $50k min; and Choice Personal Checking, $50 min; new money required.

Availability: Nationwide through online application.

Florida-based Climate First Bank (Climate First) is offering 5.34% APY on an “Account of Your Choice”: 6-month CD Special (no penalty), 15-month Flex CD Special (partial no penalty and add-on), Choice Personal Money Market account, and Choice Personal Checking account.

6-Month No-Penalty CD Special

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.34%$500-Climate First Bank6 Month No-Penalty CD Special - New Money
Rates as of March 2, 2024.
  • $500 minimum opening deposit and minimum required balance.
  • New money only. “Deposits and investments not previously held by Climate First Bank.”
  • No withdrawals allowed within the first seven days after account opening, but unlimited withdrawals allowed any time after first 7 days.

15-Month Flex CD Special

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.34%$500-Climate First Bank15 Month Flex CD Special - New Money
Rates as of March 2, 2024.
  • $500 minimum opening deposit and minimum required balance.
  • New money only. “Deposits and investments not previously held by Climate First Bank.”
  • Additional deposits in increments of $100 up to one-half of the initial principal balance are allowed throughout the term.
  • One withdrawal of up to ½ of initial principal balance without penalty after the first seven days of account opening.
  • 90 days interest penalty on withdrawals that exceed ½ of the initial principal balance and on any withdrawals after the first (penalty-free) withdrawal.
  • One-time rate bump at any time during the term.

Choice Personal Money Market

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.34%$50k$10mClimate First BankChoice Personal Money Market - New Money
Rates as of March 2, 2024.
  • $50k minimum opening deposit.
  • New money only. “Deposits and investments not previously held by Climate First Bank.”
  • Daily balances of $50k to $9,999,999 will earned the stated APY.
  • 5.34% APY is guaranteed until June 1, 2024.
  • $15 monthly service fee if daily minimum balance falls below $5k.
  • $5 monthly fee for paper statements.
  • ATM/debit card available (MoneyPass and Presto! ATM Networks).
  • Unlimited withdrawals and no excess transaction fee.
  • Outgoing ”A2A” (Climate First Online Banking platform) transactions limited to $1k per day, with no monthly cap.
  • Incoming ACH from external bank is available immediately. Customer initiated A2A transfers (incoming funds from external banks or outgoing funds to external banks) post with 3 to 4 business days.
  • No limit on the number of linked accounts.
  • Soft inquiry through eFunds Qualifile.

Choice Personal Checking

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.34%--Climate First BankChoice Personal Checking Account
Rates as of March 2, 2024.
  • $50 minimum opening deposit.
  • New money only. “Deposits and investments not previously held by Climate First Bank.”
  • 5.34% APY is guaranteed until June 1, 2024.
  • No minimum balance requirement to earn stated APY.
  • Must have at least $1k in a total direct deposit within 90 days of account opening. “Failure to set up a recurring direct deposit within 90 days of account opening will cause the account to revert to a non-interest earning account.”
  • ATM/debit card available (MoneyPass and Presto! ATM Networks).
  • Unlimited check writing is available.
  • $5 monthly fee for paper statements.
  • Soft inquiry through eFunds Qualifile.

Availability and Account Opening

Headquartered in St. Petersburg, Florida, Climate First Bank offers its product line and services to U.S. citizens and resident aliens (18 years or older) who have a valid Social Security number through an online application.

Opening any of the products described above can be opened online, by phone (727.335.0500) or at any of three full-service Florida branches located in Eustis, St. Petersburg, and Winter Park.

CD Funding and Other Particulars

The following information was obtained from a conversation with a Climate First Bank official.

  • Funding – ACH, wire, check, internal transfer.
  • Ownership – Individual, joint, trust.
  • Interest – Compounded daily and credited monthly; earned interest can be withdrawn without penalty.
  • Maturing Funds – ACH, wire, cashier’s check to address on file, or internal transfer.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers not required for beneficiaries.
  • Credit Check – Soft inquiry through eFunds Qualifile.

Bank Overview

Climate First Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on September 30, 2023 data. In the past year, Climate First has increased its total non-brokered deposits by $145.15 million, an excellent annual growth rate of 74.2%. Please refer to our financial overview of Climate First Bank (FDIC Certificate # 59257) for more details.

Opening its doors in June 2021, Climate First Bank is a de novo financial institution and one of the newest banks in Florida. As its name suggest, Climate First’s mission is to “reimagine finance as a force for good and become the most impactful bank contributing to the drawdown of atmospheric CO2.”

Climate First Bank is committed to providing personal and commercial banking services with a focus on environmental sustainability. Not only do we aim to invest in initiatives that give back to the environment and communities, but we also provide competitive rates and outstanding customer service. When customers join us, they stay with us for the long term.” Chris Cucci, SVP, Chief of Staff.

According to a September 2021 Banking Journal article,

Like many banks committed to tackling climate change, Climate First is a legal benefits corporation. That is, it’s structured to pursue two goals: earning a profit and promoting the public good. A de novo that opened in June, Climate First also is working toward B Corporation certification. Certified B Corps are independently assessed and meet high standards of verified social and environmental performance, among other criteria.

How the 6-Month (No-Penalty) CD Special Compares

When compared to other nationally available no-penalty CDs tracked by DepositAccounts.com that have a term of at least six months and a minimum deposit of no more than $10k, no banks or credit unions have higher rates than offered on the Climate First Bank 6-month CD Special. The following table compares the 6-month CD Special to the three highest-rate No Penalty CD APYs from other banks/credit unions with nationwide market areas.

For the best no-penalty CD rates, please refer to our No Penalty CD Rates Table of the Latest Liquid Bank Account Rates Summary.

How the Choice Personal Money Market Compare

When compared to nationally available Money Market Accounts and Savings Accounts tracked by DepositAccounts.com that have minimum balance requirements of $50k or less, there are four rates offered by eight banks that are higher than currently available on the Climate First Bank Choice Personal Money Market. (The rate guarantee through the end of May definitely increases the 5.34% APY intrinsic value.) The following table is a sampling of those higher rates.

To look for the best rates on liquid bank accounts, both nationwide and state specific, please refer to our Money Market Accounts Table and Savings Accounts Table.

The above information and rates are accurate as of 1/15/2024.

Related Pages: Orlando money market accounts, money market accounts, checking accounts, 1-year CD rates, nationwide deals

Comments
misel00
  |     |   Comment #1
Seems like a good rate on a semi no penalty 15 month CD if you may need access to 1/2 your funds for no EWP?, Any better options out there?

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