When I first saw First Home Bank’s (1HB) Advantage Money Market (AMM), I had hoped it was available nationwide, like the competitive CDs 1HB is currently offering. Unfortunately, the AMM is only available in-branch. The AMM has tiered APYs: 2.50% APY, $50k+; 2.00% APY, $5k+; and 0% on balances of less than $5k, with the rates guaranteed through December 31, 2019. A minimum of $1k of new money is required to open the AMM.
Should the balance in the AMM fall below $5k, there will be a $15 monthly service fee. There is also a $10 transaction fee for each transaction in excess of the six monthly transactions allowed.
If the transaction limit is exceeded three times in any 12-month period,
the account will be changed to one that does not have transaction limitations.
Advantage Interest Checking
An Advantage Interest Checking (AIC) account is required when opening an AMM. The rate tiers for the AMM are 1.01% APY, $50k+; 0.50% APY, $2.5+; and 0% on balances less than $2.5k.
The minimum opening deposit is $1k of new money. There is a $10 monthly fee if the balance falls below $2.5k on any day of the statement cycle AND if a minimum $500 direct deposit is not received.
Just a quick reminder of 1HB’s nationally available CD Specials: 18-month (3.01% APY) and 15-month (2.72% APY). Minimum deposit is $1k of new money and there is a balance cap of $240k.
According to CSR, the Early Withdrawal Penalty (EWP) for any 1HB CD is one-half of all interest earned, with partial withdrawals allowed.
Funding the CD Specials and accessing maturing funds can be done by ACH (no dollar limits), wire, or check. There is a 10-day grace period and both CD Specials will “renew for 12 months at the 12-month rate at that time.”
Headquartered in Seminole, Florida, First Home Bank’s primary market area is the greater Tampa Bay area, including Pinellas and Sarasota Counties.
Opening an Advantage Money Market and Advantage Interest Checking account must be done at any of five full-service Florida branches located in Clearwater, Saint Petersburg, Sarasota, Seminole, and Pinellas Park. The Sarasota branch is 1HB's newest location, having been opened in November.
First Home Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.33% (excellent) based on December 31, 2018 data. In the past year, the 1HB has increased its total non-brokered deposits by $110.55 million, an excellent growth rate of 59.6%. Please refer to our financial overview of First Home Bank (FDIC Certificate # 34997) for more details.
Founded in 1999, First Home Bank has grown to become Florida's 56th largest bank, with assets in excess of $364 million. For the last three years, 1HB has been recognized as the best performing bank in Florida. 1HB is also a Top 10 SBA lender and has a team of more than 100 residential mortgage originators across the county.
How the Advantage Money Markets Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that are not limited by a low balance cap and available with the Bank’s market area, First Home Bank’s Advantage Money Market APY currently shares the top spot with Investors eAccess’ Money Market, regardless of minimum deposit requirements.
To look for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts rates table page.
How the CD Compares
When compared to 152 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, First Home Bank’s 18-month CD Special APY currently ranks first.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
The above rates are accurate as of 4/8/2019.