Over the weekend, FirstBank (NJ) raised the rate on its 12-month CD to 1.25% APY, which is the highest rate in almost five years for the CD. Interestingly, with this rate increase, the 12-month CD's APY now equals that of FirstBank (NJ)'s 24-month CD.
The minimum opening deposit is $500 and there is no maximum balance cap. The 12-month CD is also available as an IRA (Traditional) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for any FirstBank (NJ) CD with a term of twelve months or greater is one year’s interest.
Headquartered in Hamilton, New Jersey, FirstBank (NJ)’s market area includes Gloucester, Mercer, Middlesex, Morris, and Somerset Counties in New Jersey, and Bucks County, Pennsylvania.
Opening an account with FirstBank (NJ) requires an in-person visit to any of nine New Jersey branches located in Cranbury, Denville, Ewing, Hamilton, Lawrenceville, Randolph (2), Somerset, and Williamstown, the sole Pennsylvania branch located in Trevose.
At this time, FirstBank (NJ)’s online banking capabilities only include account management and bill payment services.
FirstBank (NJ) (FDIC Certificate # 58481) has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 8.60% (excellent), based on September 30, 2015 data. In the past year, FirstBank (NJ) has increased its total deposits by $138.89 Million, an excellent annual growth rate of 24.65%. Please refer to our financial overview of FirstBank (NJ) for more details.
FirstBank (NJ) is a young bank, having been established in April 2007 with a single branch in Williamstown, New Jersey. As a community-oriented financial institution, FirstBank (NJ) seeks to
Provide a traditional range of community bank products and services to meet
the depository and credit needs of individual consumers, small and
medium-sized businesses and professionals in the local market area.
In six short years, FirstBank (NJ) was able to complete their initial public offering, raising $23 Million before underwriting discounts, commissions, and expenses. Currently, First Bank (NJ) continues to grow its market area and holds assets in excess of $808 Million.
How the CD Compares
When compared to the 229 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to New Jersey residents, FirstBank (NJ)’s 12-Month CD currently ranks fifth.
The above rates are accurate as of 2/17/2016.