FirstBank Boosts 182-Day CD APY To Near Rate-Leading Level
Colorado-based FirstBank recently raised the rate on its 182-Day Premier Time Account (FirstBank’s version of a CD). Following an impressive 131-bps rate hike, the 182-Day Premier Time Account currently earns a competitive 5.39% APY. The minimum opening deposit is $10k, with no stated balance cap.
While the landing page has separate rate headers for Arizona, California, and Colorado, all three market areas currently offer the 5.39% APY.
As stated in the Consumer Fee Schedule, the Early Withdrawal Penalty reads as follows:
Term: 31 days to 182 days – Penalty: 60 days interest on the amount withdrawn.
If an early withdrawal penalty applies, any accrued interest will be used to offset the penalty with any remaining interest being paid. If there is insufficient accrued interest available to pay the early withdrawal penalty, the remaining amount will be taken from the principal balanace.
CSR stated that while partial withdrawals are allowed, if the balance of the 182-Day Premier Time Account falls below the $10k minimum deposit, the Premier Time Account rate will be equal to the rate of the Regular Savings Account (currently 0.04% APY).
Availability and Account Opening
Headquartered in Lakewood, Colorado, FirstBank has a brick-and-mortar presence in Colorado (greater Denver metro area), Arizona (greater Phoenix metro area), and Riverside County, California. FirstBank’s online market area includes all of Colorado, Arizona, and Riverside County.
Opening a 182-Day Premier Time Account can be done online, or at any of the 103 full-service branches located in Arizona (14), California (4), and Colorado (85).
Funding and Other Details
The following information was obtained from the FirstBank website and a conversation with CSR.
- Funding* – ACH, wire ($10 fee), or internal transfer.
- Ownership – Individual or joint online; trust in-branch only.
- Dividends – Compounded daily/credited quarterly and can be transferred to a FirstBank savings account.
- Maturing Funds – Cashier’s check to address on file or internal transfer to a First Bank liquid account.
- Beneficiaries – Unlimited with equal shares; Social Security number preferred.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull and ChexSystems.
*According to CSR, if you are not a current customer of FirstBank, you cannot fund a Premier Time Account online; you would have to fund in-branch. Her work-around suggestion is to open a savings account online, fund the savings account online, then use those funds to fund the Premier Time Account. Existing FirstBank customers can fund a Premier Time Account online by ACH.
Bank Overview
FirstBank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 2.36% (excellent) based on December 31, 2022 data. In the past year, FirstBank has decreased its total non-brokered deposits by -$1.04 billion, a below average annual growth rate of -4.04%. Please refer to our financial overview of FirstBank (FDIC Certificate # 18714) for more details.
Established in 1963 as the First Westland National Bank, FirstBank is one of the country’s largest privately held bank, with more than $27 billion in assets. The Bank has rebranded four times, with the FirstBank name adopted in 2010 following the acquisition of 24 separate Colorado “FirstBank” divisions; the most recent acquisition was in 2011, when FirstBank of Arizona was acquired. FirstBank has grown steadily over the past 43 years, going from the eighth largest Colorado bank to the largest bank in the state and the 69th in the country.
How the 182-Day Premier Time Account Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the 182-Day Premier Time Account. The following table compares the 182-Day Premier Time Account to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 5/16/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
