First Green Bank is advertising a promotional rate (1.50% APY) on its Green Money Market account on its home page. Unfortunately, about half of the account’s details are covered up by the Bank’s Online Banking sign-in, which seems to be immovable (at least on my computer using Google Chrome). I called the Bank and a very helpful CSR read the hidden information to me, which I have summarized below. (I was also able to find a direct link to the MMA promo image.)
Green Money Market Promo Rate
- 1.50% APY for balances of $100k+ guaranteed for six months from account opening, with a checking account with a minimum direct deposit of $1k per month.
- Balances below $100k, or balances without a checking relationship, will earn 1.00% APY, guaranteed for six months from account opening.
- ALL deposits must be new money, “from another financial institution.”
- At the end of the six months, the Green Money Market becomes a tiered rate account.
- A minimum of $2.5k must be maintained to earn the stated APY.
18-month Flex CD
First Green Bank is also offering an 18-month Flex CD (1.25% APY), which does not appear on its Rates page. The minimum deposit is $1k of new money, with a $250k balance cap. The “Flex” part of the CD refers to the one-time rate increase anytime during the life of the CD, and the ability to make additional deposits (new money) throughout the life of the CD.
- Additional deposits must be made in increments of $100, up to ½ of the initial deposit.
- There is no limit of the number of additional deposits that can be made, but the additional deposits cannot total more than ½ of the initial deposit. For example, if the initial deposit was $50k, you are limited to $25k in additional deposits.
- You can withdraw up to ½ of the initial deposit without a penalty. If you withdraw more than ½, the penalty can be up to six months interest.
Free Pizza For 1 Year
Now through December 31, 2016, when you open a new checking account with a minimum monthly direct deposit of at least $1k, you will receive $20 per month in free Mellow Mushroom “Mellow Bucks” for the 12 months following the opening of the new checking account.
Thanks to the DA reader who spotted First Green Bank’s Green Money Market special rate in the Orlando Sentinel, and to DA reader, jclampett, for his Forum post about Free Pizza.
Headquartered in Orlando, First Green Bank has a market area that includes the Florida counties of Lake, Orange, and Volusia. As the first step in an expansion into South Florida, a branch location will be opening on August 22, 2016 in Ft. Lauderdale, with a ribbon cutting ceremony on August 26 at 4 pm. The public is invited.
First Green Bank (FDIC Certificate # 58874) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.84% (excellent) based on March 31, 2016 data. In the past year, First Green Bank has increased its total deposits by $52.63 million, an excellent annual growth rate of 17.87%. Please refer to our financial overview of First Green Bank for more details.
In 15 years, First Green Bank has grown to become Florida’s 52nd largest bank, with assets in excess of $411 million. With its new expansion into South Florida, the Bank continues its impressive growth that began when it reached profitability only 19 months after opening. First Green Bank is proud of its 5-star Bauer Financial rating, which it maintained for ten consecutive months.
As one of the first banks in the United States which has an environmental and
social mission, First Green Bank was founded in 2009 by a team of experienced and
successful local bankers after being given the last bank charter in the state of Florida.
How the MMA Compares
When compared to the 171 Money Market Accounts tracked by DepositAccounts.com that are available to residents in the Bank’s market area, First Green Bank’s Green Money Market Special Rate currently ranks first, regardless of minimum deposit.
|Interest Rate||Account Name||Credit Union/Bank|
|1.50% APY||Green Money Market ($100k min)||First Green Bank|
|1.26% APY||Optimum Money Market Special ($10k min)||Popular Community Bank|
|1.11% APY||Yield Pledge Money Market ($150k max)||EverBank|
How the Flex CD Compares
When compared to the 148 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents in the Bank’s market area, First Green Bank’s 18-Month Flex CD APY currently ranks in the top 13 rates. The 18-Month Flex CD’s one-time rate increase and additional deposits only enhance its competitiveness.
|Interest Rate||Account Name||Credit Union/Bank|
|1.50% APY||15-Month Special CD||Veridian Credit Union|
|1.40% APY||18-Month VIP CD Special||Lake Michigan Credit Union|
|1.25% APY||18-Month Flex CD||First Green Bank|
The above rates are accurate as of 8/15/2016.