First Trust & Savings Bank of Albany, Illinois (FTSB) is currently offering two CD Specials: 13-month (1.10% APY) and 16-month (1.60% APY). Of the two, the 16-month CD Special is the more competitive, by far.
The minimum opening deposit for the 16-month CD Special is $1k, with no stated balance cap. Although FTSB’s other non-special CDs have tiered rates, the 1.60% APY applies to all of the 16-month CD Special's balance levels.
As stated on FTSB’s Deposit Rates page, the Early Withdrawal Penalty is 6 months interest.
Headquartered in Albany, Illinois, on the shores of the Mississippi River, First Trust & Savings Bank’s market area includes Rock Island and Whiteside Counties. FYI - Albany, Illinois, was named after Albany, New York, the home of a large number of the town’s first settlers.
Opening any type of account requires an in-person visit to any of the four Illinois branches located in Albany, Erie, Hillsdale, and Port Byron.
FTSB’s online banking platform is currently dedicated to account management and bill payment services.
First Trust & Savings Bank (FDIC Certificate # 5754) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 12.90% (above average) based on March 31, 2016 data. In the past year, FTSB has increased its total deposits by $2.84 million, an above average annual growth rate of 1.61%. Please refer to our financial overview of First Trust & Savings Bank for more details.
Locally-owned First Trust & Savings Bank of Albany, Illinois was established in 1902 as the First National Bank by Dr. S. B. Diamond, who served as president for the Bank’s first ten years. At the end of 1907, the Bank had capital of $25,000 and deposits of over $132,800. The First Trust & Savings Bank name was adopted in 1911. The 2006 acquisition of Old Farmers & Merchants Bank aided in the expansion into Rock Island County. As one of the few privately held banks in northwestern Illinois, First Trust & Savings Bank currently has assets in excess of $223 million.
How the CD Compares
When compared to the 171 similar length-of-term tracked by DepositAccounts.com that are available to residents in the Bank’s market area, First Trust & Savings Bank’s 16-month CD Special APY currently ranks first.
The above rates are accurate as of 8/19/2016.