15-Month CD Special at First City Bank


First City Bank is offering a special 2.25% APY 15-month CD. Minimum deposit is $5,000, and the maximum is $250,000. According to the bank's promo page the special is scheduled to expire on 2/26/2010.

Update 6/17/10: The bank is no longer accepting accounts nationwide. This is now stated on the first page of the online application:

We currently accept applications from residents of Okaloosa, South Santa Rosa and South Walton counties.

There's an online application, and according to the CSR, this CD is available nationwide. One caveat is that you can't select the 15-month term in the application. According to the CSR, you can select a 12 or 18-month term and mention the 15-month term in the comments. According to the bank's instructions, one can open the CD by phone using their toll-free number (888-244-5151). However, a reader reported being told by the CSR that this is not an option.

They also offer a reward checking account which currently pays 3.01% APY for balances up to $25K. You can also apply online from any state to open this reward checking account (see post).

Branches are located in the Florida Panhandle cities of Fort Walton Beach, Destin and Mary Esther.

One thing that puts some cold water on this deal is that the bank isn't in the best financial shape. Its ratings for safety and soundness are very low: 0 star (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has also been operating under a FDIC Cease and Desist Order since 10/12/09. It's interesting to note that one of the restrictions the FDIC placed on the bank is on brokered deposits. As with any bank, make sure you keep under the FDIC limits. The bank has been a FDIC member since 1948 (FDIC Certificate # 16748).

Thanks to the reader me1004 who mentioned this special in the Open Discussion Thread.


Edit 2/03/10: Updated the phone option info for opening the CD.

Related Pages: CD rates, First City Bank, Mobile

  |     |   Comment #1
I note, while the Web site indicates you can sign up for the account by phone, in fact, you cannot. I tried. I told them about the note on the Web site saying you can and suggested the fix the Web site.


As for the danger of the bank going under I guess that is only a danger if you go over the FDIC limits? Otherwise, the worst that could happen is that any new bank would not continue the rate but your account could be closed at that time. No loss, but have to take it elsewhere -- and maybe by then rates would be up.
  |     |   Comment #2
Thanks for the note about the phone option. I updated the post with this info.

About the risk of the bank going under, as you mentioned, the main risk is if you have over the FDIC limit. If that's not the case, there's still a risk of the CD rate being reset by the acquiring bank. If the FDIC can't find a buyer, they'll mail checks.
  |     |   Comment #3
I note, their interest is simple interest. That means you do not earn anything more by leaving the interest in the account. They will send it out monthly if you want, and thus you could have that and invest elsewhere, getting yourself that much extra.


Also, they will NOT accept any beneficiaries unless you can provide the Social Security numbers of those beneficiaries. They are adamant about that, would not budge. As such, that nixed me opening this CD -- I don't have my beneficiaries' Social Security numbers and can't even ask (they are not my children). A stupid rule as it has no bearing on them being my beneficiaries and no other bank has ever failed to allow my beneficiaries because of that.
  |     |   Comment #4
While filling out the online application it came to my attention that they ask for info on how to fund the checking account, which I'm not interested in opening, and nothing on funding a savings or CD acct.. Anyone who opened the CD, was a checking acct. required?
Reward Checking Account at First City Bank in Florida

Update 6/17/10: The top rate has fallen to 1.10% APY, and the account is no longer available nationwide. Refer to the bottom of the post for the account history.

First City Bank is offering a rewards checking account that pays 1.10% APY on all balances and refunds ATM fees (up to $25 per month) if the following monthly requirements are met:

  • 10 check card (POS) purchases
  • one ACH debit or direct deposit
  • receive eStatements and be enrolled in online banking

If these are not met, the rate falls to 0.10%. Minimum initial deposit is $100....

Continue Reading
3.00% 24-Month CD at First City Bank in NW Florida - Local Only
First City Bank is offering some competitive CD rates. The best deals include a 2.40% APY 12-month CD, a 3.00% APY 24-month CD, a 3.25% APY 36-month CD and a 4.00% APY 60-month CD. Minimum deposit is $1,000. They also offer a 2.42% APY 12-month IRA and a 3.03% APY 24-month IRA. These rates are listed in the bank's rates page as of the morning of 6/04/09.

I called the bank yesterday, and was informed by the CSR that they require a branch visit for opening CDs. They also offer a...

Continue Reading
4.01% 13-Month CD at a Florida Panhandle Bank (First City).
First City Bank is offering a special 4.01% APY 13-month CD. The minimum deposit is $5,000, and the maximum is just under $100,000. There are no checking account requirements or other annoying requirements that are common for special CDs. This Friday (5/16/08) is scheduled to be the last day of this offer.

This special doesn't seem to be listed at the bank's website. A reader sent me email on this, and I just called their toll free number (888-244-5151) for more details.

Branches are located in the Florida Panhandle cities of Destin,...

Continue Reading

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.