First Bank CD Rates
First Bank’s Certificate of Deposit offers provide individuals with a range of options for secure and structured savings. First Bank presents a variety of CD rates terms, each tailored to meet different financial needs of the investors. Let’s describe the offers in the section below;
First Bank CD Rates Offers
The Competent CD offers for First Bank are as follows;
3-Month CD
· 1.00% Interest Rate
· 1.00% APY
Considerations
- Ideal for those needing liquidity in the near term.
- Lower interest compared to longer-term CDs.
Pros & Cons
| Pros | Cons |
| Quick access to funds | Lower interest rate for the short duration |
| Minimal commitment |
6-Month CD
· 1.49% Interest Rate
· 1.50% APY
Considerations
- Offers a better return than a 3-month CD.
- Suitable for individuals looking for a short-term but higher yielding option.
Pros & Cons
| Pros | Cons |
| Higher interest rate for short term | Moderate interest compared to longer terms |
| Balances liquidity needs with competitiveness |
12-Month CD
· 2.24% Interest Rate
· 2.25% APY
Considerations
- A common choice for individuals seeking a balance between short and long-term options.
- Rates slightly higher than short-term CDs.
Pros & Cons
| Pros | Cons |
| Competitive interest rate for mid-term | Rates slightly lower than shorter-term CDs |
| Balances return with a reasonable duration |
24-Month CD
· 2.48% Interest Rate
· 2.50% APY
Considerations
- Ideal for individuals comfortable with a more extended lock-in period.
- Offers a higher return compared to shorter-term options.
Pros & Cons
| Pros | Cons |
| Long-term commitment | Lower interest rates compared to shorter terms |
| Suitable for extended investment horizon | Lower liquidity for a more extended duration |
36-Month, 48-Month, 60-Month CDs
· 0.75% Interest Rate
· 0.75% APY
Considerations
- Lower interest rates compared to shorter-term CDs.
- Consider your risk tolerance and long-term financial goals.
Pros & Cons
| Pros | Cons |
| Competitive Investment Plan | Lower interest rates |
Are First Bank CD Rates Competitive?
In general terms, the competitiveness of First Bank’s CD rates depends on the specific term you are interested in. For instance, looking at the provided APY data, certain CD terms like the 6-month and 8-month CDs offer notably competitive rates, surpassing the average rates offered by many financial institutions.
On the other hand, for longer-term CDs such as the 36-month, 48-month, and 60-month options, the rates appear to be relatively lower, aligning with the trend of longer-term CDs typically offering lower rates.
Therefore, to determine the overall competitiveness, it’s crucial to compare First Bank’s rates across various terms with those offered by other banks and financial institutions in the market.
How do First Bank CD Rates Compare?
Comparing First Bank’s CD rates involves assessing them against industry averages and rates offered by other banks.
The 6-month CD, with a rate of 1.50% is particularly competitive, potentially outperforming many other short to mid-term options in the market.
However, for longer-term CDs like the 36-month, 48-month, and 60-month options, where the rates are 0.75% APY, First Bank’s rates may be on the lower side compared to some competitors.
Overview First Bank
At First Bank, community service isn’t just a word, it’s a philosophy. We believe in both providing funds when people need affordable housing or food, as well as getting our own hands dirty. We encourage employees to volunteer with paid hours to help on local housing projects, volunteer on the boards for local organizations, especially nonprofits, and donate our services.
We also take donation and grant requests via our website so we can be aware of situations and people that could use a donation because sometimes we do not know.
First Bank is a part of Heartland Financial USA, which received the Forbes Best Bank Awards in 2021, 2020, 2019, 2018, and more! We are proud to be a part of an organization that has helped millions of people in American with their financial needs while also keeping them happy with top-notch services and products.
Our goal at First Bank is to help walk you through your financial decisions and future. Your kid’s education and your retirement are dependent upon taking the right risks, and we are happy to help you determine the right kinds of investments to match your lifestyle and needs.
Eligibility
Want a certificate of deposit? First, become a member at First Bank and open a checking or savings account. The payout for your interest will then be deposited into your checking or savings account too.
Locations First Bank
We offer 22 branches across Texas. Most of our results are near Lubbock and the surrounding areas. Our many local branches can help you get help no matter which part of the area you are visiting or working in. We also have many ATMS including many free ATMS in the area so you won’t spend your hard-earned money taking out your cash.
Aberdeen
105 South Sandhills Blvd.
Aberdeen, NC 28315
Albemarle Eastgate
1910 East Main St.
Albemarle, NC 28001
Frequently Asked Questions
No, accessing funds from the 36-month CD before maturity would typically result in penalties.
First Bank’s CD rates demonstrate competitiveness, particularly in shorter-term options like the 6-month and 8-month CDs. However, for longer-term commitments such as the 36-month, 48-month, and 60-month CDs, the rates are relatively lower, aligning with the common industry trends
Yes, like many traditional banks, First Bank offers automatic renewal options for its CDs. This feature provides convenience for customers, ensuring that their funds remain invested without requiring manual intervention.
The minimum deposit required to open First Bank’s 6-Month CD is in alignment with accessibility, set at a reasonable amount. Individuals interested in this term can initiate their investment with the specified minimum, allowing for flexibility based on their financial capacity.