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.
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.
Previous Weekly Rate Spotlights
- March 13, 2012 - The City National Bank of Metropolis Offering 1.26% APY Money Market Account
- March 6, 2012 - North Country FCU Offering 2.80% APY 60-Month CD - Northern Vermont
- February 27, 2012- El Paso Area Teachers FCU Offering 2.98% APY Five Year CD
- February 21, 2012 - Cardinal Bank Offering 2.01% APY First Choice Checking
- February 13, 2012 - Citizens State Bank Offering 4.00% APY Variable IRA
- February 6, 2012 - Liberty Bank & Trust Offering 1.31% APY Savings Account Rate
- January 30, 2012 - WYMAR Federal Credit Union Offering 2.27% APY 24-Month CD
- January 23- 2012 - Frederica Credit Union Offering 1.65% APY 12-Month CD - Open to All
- January 17, 2012 - Western Heritage Bank Offering 2-Year CD Paying 1.75% APY
- January 9, 2012 - Navy Federal Credit Union Offering 3.00% APY 20-Month IRA CD
- January 5, 2012 - Consumers Credit Union Offers 4.09% APY Rewards Checking Account - Nationally Available
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