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.
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.
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.
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.
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.