Weekly Rate Deal - First Choice Bank Offering 2.80% APY 5-Year CD

With average five year CD rates down to 1.60% APY according to BestCashCow's database, we went searching for yields that smashed the average. What we found was the highest bank rate in the land. First Choice Bank, headquartered in New Jersey is offering a 60-month CD paying 2.80% APY with a $1,000 minimum balance.

The CD must be opened in person at one of their five branches located in the Trenton, NY area. First Choice Bank is a relatively young bank, having been founded in 2007. The bank has $500 million in assets and has grown almost 10X since openening (2007 assets were $50 million). Like many banks opened after the worst of the financial crisis, it looks relatively healthy with a Texas Ratio of 10.45% versus the national average of 21%. Most banks found after the financial crisis escaped the lending binge leading up to 2007-2008 and thus seem to have cleaner balance sheets.

Unlike banks that are shrinking and offering lower rates, First Choice is cleary hungry for deposit dollars and willing to pay for them.

First Choice Bank is headquartered in Lancerville, NJ, a small town eight miles south of Princetown and 8 miles North of Trenton.

If you don't live near a First Choice Bank branch, look for the highest CD rates in your local area by clicking through to our table on the tab above. BestCashCow has the Inernet's largest database of bank rate information.

Previous Weekly Rate Deals

• October 24, 2011 - First National Bank of St. Ignace Offering 12-Month Flex CD at 1.51% APY
• Oct 17, 2011 - Weekly Rate Deal - Navy Federal Credit Union Offering 3% APY 12-Month CD
• Oct 7, 2011 - Farmers & Traders Bank Takes Weekly Rate Deal for 3% APY 60-Month CD

Check back next Monday for a new bank deal. Email any deals you know about to ratedeal (at) bestcashcow.com. Feel free to also share them below. If you're a bank and have a great deal not listed on BestCashCow, register for access and add the deal to the site.

Have a good week!