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.
First Central Savings Bank has an overall health grade of "A" at DepositAccounts.com, 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 DepositAccounts.com 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.