First Bank Certificates of Deposit

First Bank Certificates of Deposit Review

First Bank Certificates of Deposit is offered by First Bank, a bank founded in 1906 and based in Creve Coeur, MO. First Bank Certificates of Deposit is available in 3 states across the USA.

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 0.45%, which is much higher than the national average for a CD account.
• $1,000 minimum deposit. This is a typical minimum initial deposit for the CDs we track.
• Wide selection of CD terms. First Bank Certificates of Deposit allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.

Pros & Cons of First Bank Certificates of Deposit

First Bank Certificates of Deposit FAQ

Are CDs from First Bank federally insured?

Yes, your First Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #12229). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What types of CDs does First Bank offer?

• Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or rolling over the CD for another term.
• Bump-up CDs. Bump-up CDs allow you to increase the interest rate you earn on your savings if the going interest rates rise. These CDs are useful in a changing interest rate environment.
• IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but First Bank Certificates of Deposit offers a CD that is specifically for retirement.

What CD rates does First Bank offer on its CDs?

First Bank Certificates of Deposit offers an APY starting at 0.05% and ranging up to 0.45%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding.

What is the minimum deposit to open a CD account with First Bank?

First Bank Certificates of Deposit requires a minimum deposit of $1,000 to open an account.

What is the grace period for First Bank Certificates of Deposit?

First Bank Certificates of Deposit does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new CD rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does First Bank Certificates of Deposit charge?

Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.

First Bank charges an early withdrawal fee.

First Bank does charge any of the fees we track.