In May 2011, I wrote about First Federal Savings and Loan Association (First Federal), which had the highest APY in the country for a CD with a term of greater than six years. At the time, First Federal’s 8-year Jumbo CD earned 3.75% APY on deposits of $100k+.
More than five years later in a "good news, bad news, good news" scenario, First Federal’s 8-year Jumbo CD (2.50% APY) is still the top-rate 8-year CD in the country (even though the rate has dropped by 125 basis points) and is now available as a Limited Offer "regular" CD, with a $1k minimum deposit.
First Federal is also offering a Limited Offer 6-year CD (2.25% APY) that requires a $1k minimum deposit, with no balance cap.
According to CSR, the Early Withdrawal Penalty for both the 6- and 8-year CDs is 12 months interest.
Headquartered in Pascagoula, First Federal’s branches are all located in Jackson County, but the Bank’s market area includes the entire Mississippi Gulf Coast.
Opening any type of account, including a CD, at First Federal must be done with an in-person visit to either of the six Mississippi branches located in Gautier, Hurley, Moss Point, Ocean Springs, Pascagoula, and Vancleave.
Currently, First Federal’s online platform is limited to account management and bill payment services.
First Federal (FDIC Certificate # 30812) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.89% (excellent) based on March 31, 2016 data. In the past year, First Federal has increased its total deposits by $5.26 million, an above average annual growth rate of 5.26%. Please refer to our financial overview of First Federal for more details.
Established in 1955, the original First Federal Savings and Loan Association of Pascagoula-Moss Point was founded by six local businessmen, and was the first federally chartered Savings and Loan in Jackson County, Mississippi. More familiarly known as First Federal, it is a leader in mortgage lending on the Gulf Coast and is "committed to serving customers for the life of their loan."
How the CDs Compare
When compared to the 28 6+ Year CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of the Mississippi Gulf Coast area, First Federal’s 8-year CD APY currently ranks first.
When compared to the 8 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of the Mississippi Gulf Coast area, First Federal’s 6-year CD APY currently ranks first.
The above rates are accurate as of 6/16/2016.