First Federal Savings Bank (IN) Adds 11-Month CD Special


Deal Summary: 11-month CD Special, 2.78% APY, $500 minimum deposit.

Availability: Market area is five north central Indiana counties.

Earlier this week, First Federal Savings Bank (First Federal) unveiled an 11-month CD Special that earns 2.78% APY. The minimum opening deposit is $500, with no stated balance cap.

According to CSR, the Early Withdrawal Penalty is three months of interest.

EZ Access CD

I wrote about First Federal in December, when the rate on its 12-month EZ Access CD was raised to 2.02% APY. That competitive rate lasted about two months before it plunged to 1.36% APY. The 2.02% APY is back, albeit not as competitive as it was nine months ago. The minimum deposit is $5k, with a $250k balance cap.

1.00%$5k$250kFirst Federal Savings Bank (31516)12 Month EZ Access CD
Rates as of February 4, 2023.

The EZ Access CD allows customers to,

Add deposits of $1,000 or more anytime. (Additional deposits will not extend the maturity date.)

Withdraw $1,000 or more one time per calendar month without a penalty.

Withdrawals beyond the one per month will incur an Early Withdrawal Penalty of 3 months, as will an early closure.


Headquartered in Rochester, Indiana, First Federal Savings Bank’s market area includes the north central Indiana counties of Elkhart, Fulton, Marshall, Pulaski, and St. Joseph.

Opening a CD Special must be done in person at any of six Indiana branches, located in Bremen, Elkhart, Mishawaka, Plymouth, Rochester, and Winamac.

The Bank’s online platform is currently limited to account management and bill payment services, including Popmoney®.

Bank Overview

First Federal Savings Bank has an overall health grade of "A" at, with a Texas Ratio of 6.62% (excellent) based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $30.82 million, an excellent annual growth rate of 10.76%. Please refer to our financial overview of First Federal Savings Bank (FDIC Certificate # 31516) for more details.

Founded as the First Federal Savings and Loan Association of Fulton County in 1966 by Richard E. Belcher, the first branch was located in the back room of a neighborhood grocery store.

First Federal was founded to fulfill a public need. In the early 1960s, Rochester’s area banks did not offer mortgage loans. To fulfill that need, Dick and his college roommate from Purdue University, Joseph Hasler, formed the idea in 1964 of founding a thrift bank. After obtaining the charter, they and the directors were ready to open the door on the first business day of 1966 in a room warmed by a one lung furnace. By the end of the first year, First Federal had $1 million in savings deposits.

In 1977, First Federal S&L was the first Indiana thrift to convert from a mutual association to a stock savings bank. The name was changed in 1984, reflecting the new function of the bank.

How the CD Special Compares

When compared to the 247 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available within the Bank’s market area, First Federal Savings Bank's 11-month CD Special APY currently ranks first.

The above rates are accurate as of 9/21/2018.

Looking for the best CD rates, either nationwide and or state-specific? Please refer to DA’s CD Rates Table page.

Related Pages: South Bend CD rates, 1-year CD rates

First Federal Savings Bank (IN) 12mo EZ Access CD Jumps
Deal Summary: 12-month EZ Access CD, 2.02% APY, $5k min/$250k max deposit, additional deposits throughout the term, one penalty-free withdrawal per calendar month.

Availability: Market area is five north central Indiana counties.

Customers of First Federal Savings Bank (First Federal) must be on the “Nice List,” because First Federal raised the rate on its 12-month EZ Access CD to 2.02% APY last week. The minimum deposit is $5k, with a $250k balance cap.

In addition to having a great rate, the EZ Access CD allows customers to,

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