Deal Summary: 36-month E-Certificate of Deposit, 2.00% APY; 30-month E-Certificate of Deposit, 1.85% APY; $500 minimum deposit.
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.
|1.30%||$500||-||First Central Savings Bank||30 Month E-Certificate of Deposit (Online Only)|
|1.00%||$500||-||First Central Savings Bank||36 Month E-Certificate of Deposit (Online Only)|
According to CSR, the Early Withdrawal Penalty for any E-Certificate of Deposit with a term of greater than 12 months is 180 days interest. CSR also stated that Social Security numbers are not required when naming beneficiaries, but the Bank prefers to have that information whenever possible.
Note: First Central Savings Bank’s website has a lot of pertinent information, but the actual disclosures for the E-Certificates of Deposit are part of the online application, and can only be accessed after entering a great deal of personal information.
Headquartered in Glen Cove, New York (Long Island), First Central Savings Bank offers its E-Certificates of Deposit to all U.S. Citizens and Resident Aliens, 18-years or older, through its online division, First Central Direct.
First Central Savings Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 8.88% (excellent) based on December 31, 2016 data. In the past year, First Central has increased its total non-brokered deposits by $20.97 million, an excellent annual growth rate of 4.64%. Please refer to our financial overview of First Central Savings Bank (FDIC Certificate # 34969) for more details.
In early April, First Central Savings Bank will be celebrating its 18th anniversary. Founded in 1999, First Central has grown to be New York State’s 70th largest bank, with asset in excess of $533 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-Certificates of Deposit Compare
When compared to the 191 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationwide, First Central Savings Bank’s 36- and 30-month E-Certificates of Deposit APYs currently rank first and second, respectively.
The above rates are accurate as of 3/24/2017.