First Choice Bank of NJ Offering Five Year CD at 2.5% APY

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First Choice Bank of NJ is offering a 5-year CD that pays 2.5% APY if it is opened with a Platinum Checking account.

First Choice Bank of NJ is offering a 5-year CD that pays 2.5% APY if it is opened with a Platinum Checking account. That's one of the highest rates in the country for a five year CD. The rate is not listed on their website but I did call and confirm that the offer is valid. Others on BestCashCow have called and stated that the customer service rep did not confirm the offer. Be sure you ask for the one that requires a Platinum Checking account.

The CSR also told me that the Platinum Checking account requires a daily minimum balance of $500 in order to waive fees but this differs from the website which says that there is only a $1 minimum balance but a holder needs $25,000 in aggregated loan and/or CD and Savings balances to qualify. Based on this, if you opened a CD with at least $25,000 and put only $1 in the Platinum Checking account you could quality for the higher rate and avoid fees. I'd clarify this before opening the account.

First Choice Bank of NJ has $930 million in assets according to recent FDIC data. Its branches are located Northeast of Philadelphia near the NJ/PA border.

If you do open an account or speak to someone at the bank, please share your experience with the community.

Sol Nasisi
Sol Nasisi: Sol Nasisi is the co-founder and a past president of BestCashCow, an online resource for comprehensive bank rate information. In this capacity, he closely followed rate trends for all savings-related and loan products and the impact of rate fluctuations on the economy. He specifically focused on how rates impact consumers' ability to borrow and save. He also has authored a wee

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  • Jersey Girl

    May 23, 2014

    I just called my local First Choice branch on May 22, 2014 - and was told that the rate for a 5 yr Cd is 2.05% ( and not 2.50%, as I had hoped )
    What looked like a nice deal at 2.5% does not seem appealing at 2.05%
    ..what are your thoughts on this ??

  • First Choice offer

    May 24, 2014

    Hi Jersey Girl,

    Did you ask for the rate on a CD with a checking account? I was told you can only get the rate when you open a Platinum Checking account with it. I'll call again on Monday to see if they are still offering it.


  • Mike In LA

    June 06, 2014

    Just called. There was not 2.5 percent offer; it's 2.05.

  • Sol

    June 10, 2014

    I just called again and confirmed the offer. They are offering a 2.5% APY 5-year CD with a checking account. The CSR confirmed this is available at all locations. Make sure when you ask you tell them the offer with the checking account.


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