3.50% 12-Month CD at First Bank in New Jersey

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Update 3/30/09: The CD rates and the money market rates have fallen. Please check the bank's website for the latest rates.

First Bank is offering several competitive CD rates. These include a 3% APY 9-month CD and a 3.50% APY 12-month CD. The 3.50% APY also applies to terms from 24 to 60 months. Minimum deposit is $500. These rates are listed at the bank's rate table as of 3/1/09.

A reader who emailed me news of these rates mentioned that he saw a flier from this bank advertising a 1-year CD with a 7% APY. As you might expect, it has a low maximum deposit of $1,000. Minimum deposit is also $1,000. Limit 1 per family.

The bank is also advertising a competitive money market account with an APY of 3.00% for balances over $50K (2.75% for $10K to $50K). These rates are listed on the bottom of the bank's front page as of 3/01/09.

It appears a branch visit is required to open accounts. Branches are located in Williamstown and Lawrenceville, New Jersey.

It's a new bank that was established in 2007. Consequently, it doesn't have a rating for soundness at BauerFinancial (It's labeled as a Start-up). Bankrate.com gives the bank a 3-star rating (performing) based on 9/30/08 financial data. The bank is a member FDIC (FDIC Certificate # 58481).

Thanks to the reader who emailed me news of this bank.
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Anonymous
Anonymous   |     |   Comment #1
On Mar 30 the rates fell for both their CD's and their Relationship Money Market account.
4.00% Money Market Account for 5 Months at First Bank
First Bank is advertising a 4.00% APY money market account for balances of at least $10,000 with the 4% guaranteed for 5 months after the qualifying deposit. This doesn't seem to be listed at the bank's website. It was advertised in today's issue of the Florida newspaper, the Bradenton Herald. The ad is available online here. It was also advertised in an Illinois newspaper. This ad is available online here.

The Performance Money Market Account has no fees for balances over $1,000 ($10/month otherwise). It has the typical limited check writing...

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