First Advantage Bank (TN/KY) Adds 14-Month CD

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Deal Summary: CD Specials – 14-month (2.45% APY) and 24-month (2.68% APY), $10k minimum deposit.

Availability: CD Specials available to all Tennessee and Kentucky residents.

Last week, First Advantage Bank (FAB) added two CD Specials: 14-month (2.45% APY) and 24-month (2.68% APY). The 14-month CD Special is the more competitive of the two. The minimum deposit is $10k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.03%$10k-First Advantage Bank (TN)24 Month CD Special
2.55%$10k-First Advantage Bank (TN)14 Month CD Special
Rates as of September 24, 2018.

According to the fine print on the CD Special landing page, interest is compounded and credited quarterly. According to CSR, the Early Withdrawal Penalty for either CD Special is six months of interest.

Maximum Earnings Checking

I wrote about the Maximum Earning (ME) Checking account in March, following its 146 bps rate increase. The ME Checking has two qualifying rate tiers: 4.50% APY on qualifying balances up to $10k, and 2.01% APY on qualifying balances of $10,000.01 up to $50k. Qualifying balances of $50k+ and non-qualifying balances earning 0.05% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.50*%-$10kFirst Advantage Bank (TN)Maximum Earnings (ME) Checking
OTHER TIERS: 0.51% $50k+ | 2.01% $10k - $50k
Rates as of September 24, 2018.

ME Checking Qualification Requirements

  • At least 10 debit card purchases.
  • At least one Direct Deposit or one ACH per statement cycle.
  • Sign up for eStatements.

The ME Checking account has no minimum balance requirement or monthly service fees, although it does require a minimum $100 opening deposit. There is a limit of two accounts per household. Unlimited nationwide ATM fees will be reimbursed if the above qualifications are met each statement cycle. Receipts are not required to receive refunds, no matter the amount of the ATM fee. There is no companion Savings account.

Availability

Headquartered in Clarksville, Tennessee, First Advantage Bank’s market area is primarily north central Tennessee, but the CD Specials (and the ME Checking account) are being offered to all Tennessee and Kentucky residents through FAB’s online banking platform.

Opening a CD Special can be done online, or at any of the eight full-service Tennessee branches located in Clarksville (5), Franklin (2), and Nashville.

Bank Overview

First Advantage Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 5.94% (excellent) based on March 31, 2018 data. In the past year, FAB has increased its total non-brokered deposits by $49.13 million, an excellent annual growth rate of 11.63%. Please refer to our financial overview of First Advantage Bank (FDIC Certificate # 30698) for more details.

First Advantage was founded in 1953 as First Federal Savings Bank, for the benefit of Clarksville, a small town of about 20,000 residents at the time. While reading FAB’s website concerning the history of the Bank, there was one statement that stood out:

The very nature of banking as a service demands
constant adaptation to mirror that of the people it serves.

By 2011, Clarksville had become a vibrant city, with a population of approximately 140,000, and the Bank had become more than a simple savings and loan. The philosophy of the tail not wagging the dog probably contributed to the 2011 decision to change the federal charter to a state charter and rebrand as First Advantage Bank. FAB is currently Tennessee’s 34th largest bank, with assets in excess of $589 million.

How the CD Special Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are require a minimum deposit of $10k or less, and are available to Tennessee and Kentucky residents, First Advantage Bank’s 14-month CD Special APY currently ranks second.

The above rates are accurate as of 6/27/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Knoxville CD rates, Nashville CD rates, 1-year CD rates, 5-year CD rates

Comments
The Mighty Sven
The Mighty Sven   |     |   Comment #1
This is a good, highly rated, bank. I'm a customer and the bank has treated me fairly and well.

I do notice though, after visiting their website prompted by Ken's post here, that the bank has removed the six month rate guarantee from their MM account. The rate itself has not fallen. But the guarantee is gone. I wonder if they are concerned interest rates are going to decline. This bank is in close touch with business conditions along the Tennessee/Kentucky border. I am not.
First Advantage Bank (TN) Ups Maximum Earnings Checking

UPDATE April 15, 2018: $10k+ up to $50k now earns 2.01% APY

UPDATE April 4, 2018: First Advantage Bank is now limiting new accounts to residents of Kentucky and Tennessee.

UPDATE March 16, 2018: The Maximum Earnings Checking account is available nationwide.

Deal Summary: Maximum Earnings Checking - 4.50% APY up to $10k; 2.01% 1.40% APY from $10k+ up to $50k; and 0.05% APY on balances of $50k+ and non-qualifying balances.

Availability: Maximum Earnings Checking is available to residents of Kentucky and Tennessee nationwide.

First Advantage Bank (FAB)...

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