First Choice Bank Savings Rates and Money Market Account Rates

A Lawrenceville, New Jersey bank, First Choice Bank which opened their doors in 2007 has been offering competitive savings rates and money market account rates since the bank's inception. While current savings account rates are not the highest savings account rates around the bank's rates are many times the FDIC national average rate.

First Choice Bank's statement savings account rates are currently at 0.70 percent with an APY of 0.70 percent. The minimum opening account balance for a savings account at First Choice Bank is $100. Savings balances that fall below $100 do not earn the rate and yield of 0.70 percent.

All savings rates and other deposit rates are low these days so First Choice Bank's rates are not the exception. Many large national banks pay considerably less on a savings account. The current FDIC national average savings rate is only at 0.08 percent! So First Choice Bank's rate of 0.70 percent is considerably higher. In fact, jumbo savings rates are also averaging only 0.08 percent in the FDIC rate survey this week.

In addition to offering a statement savings account First Choice Bank also offers money market accounts which have tiered interest rates. Current money market account balances of $1 to $9,999.99 earn a money market rate of 0.70 percent with an APY of 0.70 percent.

While money market account balances of as little as $1 earn a 0.70 percent rate and yield, if your account balance falls below $1,000 you incur a monthly fee of $10, wiping out any interest and then some. To see how this money market rate and yield compares to the national average the current national rate is 0.12 percent. So First Choice Bank's rate of 0.70 percent is almost six times the FDIC average this week.

First Choice Bank's money market account for account balances of $10,000 to $249,999.99 earn a money market rate and yield of 0.75 percent. Account balances of $250,000 or more earn a rate and yield of 1.00 percent. Jumbo money market rates in the FDIC survey this week are at 0.19 percent.

You can open a First Choice Bank savings account or money market account online. The online application process is quick and easy. You can compare First Choice Bank's interest rates with other bank savings rates and bank money market rates by using our rate lists.
Author: Lisa Graham
September 20th, 2012