First Priority Bank Offering 1.5% APY Savings Account Guaranteed Through September
Article Submitted By: Sol Nasisi
First Priority Bank if offering a 1.50% APY savings account rate that is guaranteed through September 30, 2011.
First Priority Bank if offering a 1.50% APY electronic savings account rate that is guaranteed through September 30, 2011. That's one of the best savings account rates according to the BestCashCow rate tables. The downside? Only residents of NY, NJ, and PA are eligible to recieve the rate according to the CSR I spoke with. In addition, First Priority is dedicated to concierge service. That usually means they service higher net worth individuals like a private bank. It's unusual to have such a competitive rate that is also guaranteed for a period of time. After September 30, First Priority can adjust the rate downward.
To get this rate, the account must be opened online and you must also opt-in to receive e-statements. According to the CSR, the account can be funded via an ACH. The minimum balance for this rate is $7,500. You'll earn .50% APY for balances from $50 - $7,499.
The bank holds $280 million in assets and operates five branches in Eastern PA, new the New Jersey border. It's Texas Ratio of 24.7% (see what Texas Ratio means) is slightly higher than the national average and it has a Return on Equity of -3.81 % versus the national average of 7.75%. The bank is FDIC insured.