First County Bank (CT) Offers Market-Leading 15-Month No Penalty CD
First County Bank (FCB) has been offering the 15-month No Penalty CD for almost six years ago. Following at 25 bps rate drop in December 2023, the 15-month No Penalty CD currently earns a market-leading 5.25% APY. The minimum opening deposit is $1k, with a balance cap of $250k per household. (In other words, no matter how many No Penalty CDs you open, your household is limited to an aggregate deposit of $250k.) New money is required, which is defined in the Certificate of Deposit Account Disclosure as “funds not currently on deposit with First County Bank.”
Partial withdrawals are not allowed: the 15-month No Penalty CD can only be closed early. As stated in the Certificate of Deposit Account Disclosure (page 4):
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.
Availability
Headquartered in Stamford, Connecticut, First County Bank has a brick-and-mortar presence throughout Fairfield County. According to a FCB official, only Fairfield County residents are eligible to open an FCB account. (FYI – Fairfield County’s population (nearly 944,000) comprises approximately 26.4% of Connecticut total population.)
In the past few years, some DA readers and I were given conflicting information as to who exactly could open an FCB account. I spoke with three individuals yesterday (two at the FCB Call Center and one at the main FCB Stamford branch) and there was no consensus in the answers I received. Based on the conversations I had, I have the most confidence what the FCB branch official told me: individuals who live in Fairfield County can open a No Penalty CD. (The Call Center CSR answers were “anyone who lives or works in Connecticut,” and “all residents of western Connecticut.”)
Account Opening
According to the landing page, the 15-month No Penalty CD must be opened in-branch. FCB has 15 branches in Connecticut, located in Darien, Fairfield, Greenwich, New Canaan, Norwalk (2), Stamford (8), and Westport. Appointments are available and can be scheduled online.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire ($15), check, internal transfer.
- Ownership – Individual, joint, or trust (consumer accounts only).
- Interest – Compounded daily/credited monthly but cannot be withdrawn.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a FCB checking/savings account.
- Grace Period – 5 calendar days before automatic renewal.
- Beneficiaries – Limit of one; Social Security number is preferrable but not required for the beneficiary.
- Credit check – ChexSystems.
Bank Overview
First County Bank has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 2.11% (excellent), based on September 30, 2023 data. In the past year, the Bank’s total non-brokered deposits decreased by -$29.15 million, an average annual growth rate of -1.88%. Please refer to our financial overview of First County Bank (FDIC Certificate # 18204) for more details.
First County Bank is currently the sixth largest bank headquartered in Connecticut, with assets in excess of $2.1 billion and more than 40,000 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 $199 in 2024 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 15-Month No Penalty CD Compares
When compared to the no-penalty CDs tracked by DepositAccounts.com that have a term of at least 11 months and are available within the market area, no banks or credit unions have a higher rate than the rate offered on the First County Bank 15-month No Penalty CD. The following table compares the 15-month No Penalty CD APY to the four highest-rate No Penalty CDs from other banks and credit unions.
The above information and rates are accurate as of 2/23/2024.
For the best no-penalty CD rates, please refer to our No Penalty CD Rates Table of the liquid account summary.
