Checking and Savings Account Special With Guaranteed Rates at First Choice Bank in SoCal

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First Choice Bank in Southern California has a good deposit deal for large balances. The bank is offering 1.25% APY that’s guaranteed until June 30, 2015. However, this requires a minimum balance of $250,000. Competitive rates are also available for smaller balances. This special rate is listed for the bank’s Premier Personal Interest Checking and Premier Personal Savings accounts. The business versions of these also have a 1.25% APY. Thanks to the DA member who emailed news of this. He said he saw this promotion advertised in Sunday's OC Register newspaper. Below is a summary of the rate tiers for the checking and savings accounts as listed at the bank’s rates page. I didn’t see any additional details on these accounts on the bank’s website so I called the bank today at 877-256-9809. I was told that this 1.25% APY is guaranteed to June 30, 2015 for both the checking and savings account.

Premier Personal Interest Checking and Savings Rate Tiers as of 7/16/2014:

  • 1.25% APY, min $250,000
  • 1.00% APY, min $100,000
  • 0.60% APY, min $50,000
  • 0.50% APY, min $10,000

DA member unmesh posted in the DA forum on an old version of this deal last February. At that time the bank was only guaranteeing the rate through 2014. As I mentioned in that forum thread, this looks very similar to what Pacific Trust Bank (now Banc of California) offered last year. However, these two banks don’t appear connected.

If you’re concerned about having uninsured deposits for a balance over $250,000, there are ways that can allow you to insure deposits over $250,000 at one bank. Please refer to this blog post for more details.

Account Availability

According to the bank CSR, you have to come in person to one of the bank’s branches to open these accounts. However, I was told they would accept out-of-state deposits. I would recommend contacting a branch manager if you’re considering a special trip to the bank. Small banks often make changes to their account eligibility rules.

Bank Overview

First Choice Bank branches are located in the Southern California cities of Alhambra, Anaheim, Cerritos and Rowland Heights.

The bank has an overall health grade at DepositAccounts.com of an A+ with a Texas ratio of 1.17%, which is excellent. This is based on data from March 2014. Please refer to our financial overview of First Choice Bank for more details. The bank has been a FDIC member since 2005 (FDIC certificate # 57966).

Comments
Top Short-Term CD Rates at First Choice Bank in Southern California - Local Only

First Choice Bank continues to offer several very competitive CD rates. My last post on this bank was in December, and it's nice to see that the CD rates have remained the same. The best rates require a $50,000 minimum deposit. The rates are 5 to 10 basis points lower for a $2,500 minimum. The best rates ($50K min) as listed in the bank's deposit rates page as of 6/30/2011 include:

  • 1.25% APY for 288 to 365 days (288 days is between 9 and 10 months)
  • 1.35% APY for 366 to 540...
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Top CD Rates Continue at First Choice Bank in Southern California - Local Only

When I last reported on First Choice Bank, I focused on its short-term and mid-term CD rates. As long-term rates have fallen at other banks, First Choice Bank now has competitive long-term rates also. The rates have fallen some since my previous posts, but the rates continue to be 10 to 25 basis points higher than what the best internet banks offer today. The best rates require a $50K minimum deposit. The rates are 5 to 10 basis points lower for a $5K minimum. The best rates ($50K min) as...

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Top 1-Year CD Rate at First Choice Bank in Southern California - Local Only

First Choice Bank continues to have competitive short-term and mid-term CD rates. The rates have fallen some since my previous posts, but the rates continue to be 10 to 25 basis points higher than what the best internet banks offer today. The best rates require a $50K minimum deposit. The rates are 5 to 10 basis points lower for a $5K minimum. The best rates ($50K min) as listed in the bank's deposit rates page as of 10/13/2010 include:

  • 1.55% APY for 288 to 365 days (288 days is between 9...
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Top Short-Term CD Rates at First Choice Bank in Southern California - Local Only

First Choice Bank continues to have competitive short-term CD rates. One nice thing that has changed since my last post on this bank in 2009 is that they now list their CD rates on their website. The best deal is their CD with terms of 288 to 365 days (9.4 months to 1 year) which has a 1.60% APY for a $50K minimum. For a $5K minimum the rate is 1.55% APY. Also competitive are the 6-month (183-day) CD with a 1.35% APY and a 12-month (366-day) CD with a...

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2.10% 12-Month CD at First Choice Bank in California - Local Only
First Choice Bank continues to have competitive short-term CD rates. They're down a bit from September, but they continue to be a good deal. Their maturities are in terms of days. The CD with terms from 183 days to 287 days (~6 to 9 months) has a 1.80% APY. The CD with terms of 366 days to 540 days (~12 to 18 months) has a 2.10% APY. Minimum deposit is $5,000. An extra 5 basis points are added for a $50,000 minimum deposit. These rates are not listed at the...
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