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.
|2.02%||$5k||$250k||First Federal Savings Bank (31516)||12 Month EZ Access CD|
In addition to having a great rate, 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.
DA has been tracking the 12-month EZ Access CD since March 2011, when the APY was 1.00%. Three rate drops (2012, 2013, and early 2017) resulted in a low of 0.15% APY. 55 bps were added at the beginning of June, with last week’s addition of 132 bps boosting the APY to a record high.
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 an EZ Access CD 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®.
First Federal Savings Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.17% (excellent) based on September 30, 2017 data. First Federal has an excellent capitalization level (12.44%), the result of holding $378.74 million in assets with $47.1 million in equity. 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 EZ Access CD Compares
When compared to the 233 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the Bank’s market area, First Federal Savings Bank's 12-month EZ Access CD APY currently ranks first.
The above rates are accurate as of 12/19/2017.
To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table.