First County Bank (CT) Has Easy Out (No Penalty) 14-Month CD
First County Bank’s (FCB) 14-month Easy Out CD (1.00% APY, $1k minimum deposit) is an interesting variation on the typical No Penalty CD. According to the Certificate of Deposit Disclosure document,
Easy Out option: You may withdraw any of the principal from the account seven (7) months after the account opening date. You will have five (5) calendar days after that date to withdraw the funds without penalty. You will not be notified prior to the withdrawal option period.
As stated in the Certificate of Deposit Disclosure, the Early Withdrawal Penalty reads as follows:
If you withdraw any of the principal before the maturity date (other than during the Easy Out option period), we may impose a penalty of the equivalent of six (6) months interest on the amount withdrawn at the rate being paid on the account.
11-Month No Penalty CD
The 11-month No Penalty CD also requires a minimum deposit of $1k, but new money is required (defined as “funds not currently on deposit with First County Bank”). The No Penalty option does not apply to partial withdrawals: only an early closure is permitted.
You may not make a withdrawal of any kind during the first six calendar days after the initial deposit. After such period, a withdrawal of the entire balance may be made without penalty. You cannot make a partial withdrawal from this account.
FCB has an exceedingly short grace period for its CDs: you only have 5 days calendar days after the maturity date to withdraw funds without penalty. On Day 6, the CD will automatically renew.
Headquartered in Stamford, Connecticut, First County Bank’s market area is primarily Fairfield County. After speaking with a couple of CSRs at different branches, it seems Branch Managers have some discretion in deciding who can open a CD. Calling an individual branch to determine eligibility (or talk your way into eligibility) is certainly a better option than driving some distance only to be told you don’t qualify.
Ten of the 16 Connecticut branches, located in Darien, Fairfield, Greenwich, New Canaan, Norwalk (3), Stamford (8), and Westport, have lobby access for walk-in traffic. The Branch Hours, Locations, and Directions page details which branches require an appointment. Current FCB customers can open a CD through the Bank’s online banking platform.
First County Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 6.57% (excellent), based on June 30, 2020 data. In the past year, the Bank has increased its total non-brokered deposits by $244.62 million, an excellent annual growth rate of 22.24%. Please refer to our financial overview of First County Bank (FDIC Certificate # 18204) for more details.
First County Bank is currently Connecticut’s sixth largest bank, with assets in excess of $1.9 billion and more than 41,600 customer accounts. The Bank was first opened its doors in 1851 as the Stamford Savings Bank, with Hezekiah Satterlee opening the very first account with a $5 deposit (the equivalent of about $169 in 2020 dollars). The Bank did not change its name until 1989, following a market area expansion in other Fairfield County cities. The Bank celebrated its 150th anniversary in 2001 by establishing the First County Bank Foundation, which distributes “grants on a yearly basis to benefit local nonprofit organizations in Stamford and the surrounding communities.”
How the Easy Out CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum and available within the Bank’s market area, First County Bank’s 14-month Easy Out CD APY currently ranks third.
If the “Easy Out” option is utilized and all funds are withdrawn, this effectively becomes a 7-month CD. When compared to similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum and available within the Bank’s market area, the Easy Out CD APY currently ranks first.
The above rates are accurate as of 10/28/2020.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.