First Central Savings Bank's E-Premier MMA Available Nationwide


Deal Summary: E-Premier Money Market, 0.90% APY ($50k), 0.55% APY ($25k), 0.35% APY ($10k), $10k minimum opening deposit.

Availability: Nationwide through First Central Direct (online division).

I last wrote about First Central Savings Bank (First Central) more than three years ago, following the introduction of the E-Premier Money Market account. At that time, all three deposit tiers ($10k, $25k, $50k) earned the initial 1.10% APY. Currently, the E-Premier MMA earns tiered rates of 0.90% APY ($50k), 0.55% APY ($25k), and 0.35% APY ($10k). The minimum opening deposit is $10k.

The E-Premier MMA’s 1.10% APY remained constant for about two years between June 2018 and 2020, but 1.10% APY was definitely not competitive during most of that time frame. Between the end of June 2020 and early August 2020, there were two rate drops, lowering the APY in 10 bps increments. What was once considered to be a mediocre rate will be in the near the top in DA’s next Best Bank Account Rate Summary (unless Murphy’s Law of DA is a presage of an imminent rate cut.)

There are no monthly maintenance fees associated with the E-Premier Money Market account, but if the daily balance should fall below $10k, there is a monthly fee of $10.

While there is a myriad of documents on First Central’s website, a Truth-in-Savings disclosure is not one of them. I was transferred eight times and put on hold several times before I was able to connect with a CSR who was able to provide the following:

  • There is unlimited check writing.
  • Funding is through ACH.
  • There is a $2k daily limit on ACHs initiated through First Central Direct.
  • There are no fees for withdrawals beyond the standard six, as First Central is following the Fed's amendment of Regulation D that permits banks to allow their customers to make more than six payments or withdrawals per month from their savings and money market accounts.


Headquartered in Glen Cove (on Long Island), New York, First Central Savings Bank currently offers its E-Premier Money Market account to all U.S. citizens and resident aliens (18-years or older, who have a valid Social Security number or Tax Identification number) through its online division, First Central Direct.

Opening an E-Premier Money Market account must be done online.

Bank Overview

First Central Savings Bank has an overall health grade of "A" at, with a Texas Ratio of 3.07% (excellent) based on June 30, 2020 data. In the past year, First Central has increased its total non-brokered deposits by $27.64 million, an excellent annual growth rate of 5.33%. Please refer to our financial overview of First Central Savings Bank (FDIC Certificate # 34969) for more details.

Founded in 1999, First Central has grown to become New York State’s 72nd largest bank, with asset in excess of $648 million. Chairman of the Board, Joseph Pistilli stated,

Our Bank’s goal was and still is to fill a void in the big bank mentality, by providing good
old-fashioned personal service with a smile, a throw-back to the days of hospitality and good manners that we were all raised on, something which almost does not exist anymore in banking.

How the E-Premier Money Market Compares

When compared to 194 Money Market Accounts tracked by that are available nationwide and have minimum balance requirements of $50k or less, First Central Savings Bank’s E-Premier Money Market APY currently ranks third.

The above rates are accurate as of 10/17/2020.

To look for the best Money Market Account rates, both nationwide and state specific, please refer to our Money Market Account Rates Table page.

Related Pages: New York money market accounts, money market accounts, nationwide deals, Internet banks

First Central Direct Has Nationally Available 36-Month CD

Deal Summary: 36-month E-Certificate of Deposit, 2.00% APY; 30-month E-Certificate of Deposit, 1.85% APY; $500 minimum deposit.

Availability: Nationwide (internet division)

Earlier this month, I wrote about First Central Direct, the new online division of First Central Savings Bank, and its competitive online money market account. First Central Direct has just raised the rates on its online 36-month E-Certificate of Deposit (2.00% APY) and 30-month E-Certificate of Deposit (1.85% APY). The minimum deposit is $500, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty for any...

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First Central Savings Bank Offers Competitive Money Market Rate

Deal Summary: E-Premier Money Market, 1.10% APY, $10k minimum deposit.

Availability: Nationwide

First Central Savings Bank (First Central) is promoting its online E-Premier Money Market account. While First Central’s rate page lists three deposit tiers ($10k, $25k, and $50k), all three earn the same 1.10% APY.

The minimum opening deposit is $10k, and a monthly fee of $10 is assessed when the daily balance falls below $10k. On the plus side, the account has check writing privileges and surcharge-free ATM access at Allpoint ATMs.


Headquartered in Glen Cove, New...

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Competitive CD Rates at First Central Savings Bank in New York - Local Only

First Central Savings Bank is offering several competitive CD rates. The best are its long-term CD rates which include a 3.25% APY for 80 months, 3.10% APY for 6 years and 2.80% APY for 5 years. The short-term CD rates are also competitive, but like all current short-term CD rates, they're lower than what you may expect: 1.15% APY for 9 months and 1.28% APY for 14 months. Minimum deposit is $500. These rates are listed in the bank's deposit rates page as of 4/1/2011.

It appears a branch visit is...

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3.00% 24-Month CD at First Central Savings in New York
First Central Savings is offering some competitive rates on its mid-term CDs. These include a 2.50% APY 12-month CD, a 2.75% APY 18-month CD and a 3.00% APY 24-month CD. The 6-month CD rate is a little less competitive, but it's still not too bad at 2.00% APY. Minimum deposit is $500. These rates are listed in the bank's rate table as of 4/20/09.

It appears a branch visit is required to open an account. Branches are located in the New York cities of Glen Cove, Sunnyside, Whitestone, Astoria, Ridgewood, Bayside,...

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5.85% 60-Month CD at a New York Bank (First Central Savings)
First Central Savings is offering a 5.85% APY 60-month certificate of deposit. The bank also has a 5.75% APY 24-month CD. The minimum deposit is $500 and the early withdrawal penalty is 6 months of interest.

Branches are located in the New York cities of Whitestone, Astoria, Ridgewood and Bayside. According to the bank representative, they require a branch visit to open an account.

First Central Savings is FDIC insured. The bank has a 4 out of 5 star safe-and-sound rating (sound) at

Thanks to the reader who mentioned this CD.

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.