First Choice Bank (NJ) Ups 18-Month CD Rate

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Availability: Market area includes New Jersey and the Philadelphia metropolitan area.

Earlier this week, First Choice Bank (First Choice) raised the rate on its 18-month CD (1.50% APY). The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$1k-First Choice Bank (NJ)18 Month CD
1.50%$1k-First Choice Bank (NJ)18 Month IRA (Traditional, Roth, SEP)
Accounts mentioned in this post. Rates as of September 30, 2016.

The 18-month CD has been a part of First Choice’s product line since mid-2010. During those six years, there have been 18 rate changes, ranging from a high of 1.75% APY (June 2010) to a low of 0.80% APY (April 2016).

The 18-month CD is also available as an IRA (Traditional, Roth, and SEP), earning the same APY with the same funding requirements.

According to CSR, the Early Withdrawal Penalty is “six months of accrued interest.”

Availability

Headquartered in Lawrenceville, New Jersey, First Choice Bank’s market area includes New Jersey and the Philadelphia metropolitan area.

First Choice has a new online application, but according to the Bank’s website, “Please note that, at this time, online account opening is available to residents of New Jersey only.” A further limitation is that the online application only lists the Statement Savings account. CSR confirmed that the online application is a work in progress, with more accounts to being added.

Opening the 18-month CD must be opened in person at any of six New Jersey branches located in East Windsor, Hamilton, Kingston, Lawrenceville, Mercerville, and Robbinsville or two Pennsylvania branches located Horsham and Morrisville.

Bank Overview

First Choice Bank (FDIC Certificate # 58471) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 20.87% (above average) based on June 30, 2016 data. First Choice Bank has an excellent capitalization level (11.41%), a result of holding $1.1 billion in assets with $125.69 million equity Please refer to our financial overview of First Choice Bank for more details.

Currently, First Choice Bank is New Jersey 21st largest bank with assets in excess of $1.1 billion. Founded in March 2007, First Choice Bank will probably not have a chance to celebrate its 10th anniversary. A June 2016 press release announced that

Berkshire Hills Bancorp, Inc. (BHLB) and First Choice Bank (Private; "First Choice") today announced that they have signed a definitive merger agreement under which First Choice Bank will merge into Berkshire Bank and its subsidiary, First Choice Loan Services Inc., will become a subsidiary of Berkshire Bank in an all-stock transaction valued at approximately $111.7 million.

How the CD Compares

When compared to the 214 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, First Choice Bank’s 18-Month CD APY currently shares the top spot with Veridian Credit Union’s 15-month Special CD and Credit Union of New Jersey’s 20-month CD Special.

Interest RateCD Length of TermCredit Union/Bank
1.50% APY18-Month Special CDFirst Choice Bank
1.45% APY15-Month Share Certificate SpecialNASA Federal Credit Union
1.40% APY18-Month VIP CD SpecialLake Michigan Credit Union

The above rates are accurate as of 9/16/2016.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.

Comments
Top CD and Money Market Rates at First Choice Bank in NJ - Local Only - Update

First Choice Bank has made some rate cuts since my June post, but the bank continues to offer competitive CD and money market rates. The best CD rates include a 3.00% APY 5-year CD, a 2.75% APY 4-year CD, a 2.50% APY 3-year CD and a 2.00% APY 2-year CD. Minimum deposit is $1,000. These rates are listed in the bank's FAQs Page as of 9/28/2010.

The bank also has a competitive money market account with a 1.25% APY as of 9/28/2010 for balances from $10K to under $250K. The rate...

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Top CD and Money Market Rates at First Choice Bank in NJ - Local Only

First Choice Bank has some competitive CD and money market rates. Its most competitive CD is the 2-year term which has a 2.25% APY. Other competitive ones include the 1.75% APY 18-month CD, 2.50% APY 3-year CD and the 3.00% APY 5-year CD. Minimum deposit is $1,000. These rates are listed in the bank's FAQs Page as of 6/15/2010.

The bank also has a competitive money market account with a 1.50% APY as of 6/15/2010 for balances from $10K to under $250K. The rate is 1.75% APY for balances over $250,000....

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3.25% 14-Month CD at First Choice Bank in New Jersey

First Choice Bank has some competitive CD rates. The most competitive has an APY of 3.25% for terms of 14, 18 and 24 months. Minimum deposit is $1,000. The bank also has a competitive money market account with a 2.50% APY for balances from $10K to under $250K. These rates are listed in the bank's FAQs Page as of 2/25/09.

It appears a branch visit is required to open an account. The bank is located at 669 Whitehead Road, Lawrenceville, New Jersey.

It's a small one-office bank that just established in 2007....



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