Weekly Rate Spotlight - First Choice Bank Offering Competitive CD Rates in New Jersey

Looking for some competitive CD rates in New Jersey? First Choice Bank is offering some of the highest rates in the state. Top rates include: 36 month CD paying 1.64% APY 48 month CD paying 1.83% APY 60 month CD paying 2.10% APY

Looking for some competitive CD rates in New Jersey? First Choice Bank is offering some of the highest rates in the state. Top rates include:

  • 36 month CD paying 1.64% APY
  • 48 month CD paying 1.83% APY
  • 60 month CD paying 2.10% APY

The CDs have a $1,000 minimum deposit.

The bank is headquartered in Lawrenceville, NJ and has five branches around the Trenton area. The bank was founded in 2007 and has seen strong growth since then, increasing assets from $55 million to $669 million in 2011. That makes it one of the fastest growing banks in the state and the country for that time-period. Banks that are in high growth mode usually offer higher deposit rates since they need the cash for lending.

The growth hasn't hurt the bank's safety and soundness. Its Texas ratio is a low 6.94% versus the national average of 19.96% (a lower Texas ratio generally means a safer bank). In general, I've found that banks opened after 2006 tend to have lower Texas ratios as they avoided much of the lending excesses of the decade and started off with clean balance sheets.

Visit First Choice Bank

If you don't live near Trenton, NJ don't despair. In our database, I found 36 banks and credit unions nationally offering over 2% on a 3-year CD and over 200 banks offering at least 1.50% APY. The average national 3 year CD rate is 1% APY. There is not reason to settle for this average rate. With five minutes of research you can find a much better rate in your neighborhood or online.

Find the best CD rates in your local area. Remember, don't settle for average rates on your money.

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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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