Customers of First National Bank will enjoy that the standard certificates of deposit (CDs) have a minimum of only $500. There is also a wide range of term options that will appeal to people with both long- and short-term savings goals.
The caveat is that standard CDs do not have very high interest rates when you compare them to some of the best CD rates. Special CDs do have competitive rates but they may also require larger minimum deposits.
Below we cover the ins and outs of First National Bank CDs to help you decide if opening an account is the right decision for you.
|CD Term||Minimum Deposit||APY|
|3 Month||$500||1.00%||Compare CD Rates|
|6 Month||$500||1.00%||Compare CD Rates|
|9 Month Flex CD||$500||2.00%||Compare CD Rates|
|12 Month Savers Goal CD||$100||0.05%||Compare CD Rates|
|12 Month||$500||1.00%||Compare CD Rates|
|18 Month||$500||1.00%||Compare CD Rates|
|24 Month||$500||1.00%||Compare CD Rates|
|36 Month||$500||1.00%||Compare CD Rates|
|48 Month||$500||1.00%||Compare CD Rates|
|60 Month||$500||1.50%||Compare CD Rates|
Special CD Offers
|CD Term||Minimum Deposit||APY|
|13 Month||$5,000||4.00%||Compare CD Rates|
|19 Month||$5,000||3.50%||Compare CD Rates|
|25 Month||$5,000||3.50%||Compare CD Rates|
|35 Month||$5,000||3.00%||Compare CD Rates|
|52 Month||$5,000||3.00%||Compare CD Rates|
|61 Month||$5,000||3.00%||Compare CD Rates|
13-Month CD Special Interest Rate Comparison
Overview of First National Bank CDs
First National Bank, part of F.N.B. Corporation, is headquartered in Pittsburgh, Pennsylvania. The majority of the bank’s 400+ branches are in Pennsylvania with locations and ATMs also available in seven other states: Kentucky, Maryland, Ohio, North Carolina, South Carolina, Tennessee and West Virginia.
CD terms with First National Bank range from three months to 10 years. You should talk to a local branch to get the current interest rates. All standard CDs require a minimum deposit of $500 and are also available to use with individual retirement accounts (IRAs).
In addition to the standard CD options, you will also see some special CDs. You should talk to your local branch about special CD rates because they vary by location. Depending on the term, you may need to make a minimum deposit of $5,000 or $10,000. Some accounts also require that your deposit is new money. That is money you do not already have on deposit with First National Bank. You may also need to have a checking account with the bank in order to receive the special rates.
Customers who don’t have quite enough to open a regular CD should look into the Savers Goal CD. This has a minimum deposit of just $100 and is designed to help you build small amounts of savings so that you can open larger CDs in the future.
Interest compounds and credits quarterly with all CD accounts. You have the chance to credit the interest to your CD account or to another account you have with First National Bank. You can also receive the interest as a check.
If you want to withdraw funds from your CD account, you will need to wait until the end of your term. Once your term ends, the bank will give you a 10-day grace period. You can make any changes to your account during that time. Your CD will automatically renew at the end of the grace period for another CD of the same length, unless you close your account.
In the case that you need to withdraw money before the maturity date of your CD, you will pay an early withdrawal penalty. The penalty is $25 plus a percentage of the principal that you withdraw. Terms that are 12 months or shorter will cost 1% of the principal you withdraw. A CD with a term of longer than 12 months will cost 3% of the withdrawal amount.
How Much You Earn With First National Bank CDs Over Time
A standard CD rate with First National Bank will not earn you much interest because the interest rates are relatively low. For example, contributing the minimum ($500) to a six-month CD will earn you less than $2.49 of interest.
The exception to the low rates is with special CDs. Although those may be more inaccessible for some customers (because they require new money), they provide much better earnings.
The table below shows what your approximate total balance will be based on different initial deposits and term lengths.
|Initial Deposit||6-Month CD||12-Month CD||36-Month CD||60-Month CD|
Compare First National Bank to Other Competitive Offers
How First National Bank CD Rates Compare to Other Banks
The interest rates for First National Bank’s regular CDs are not very competitive. They are higher than some large banks, but you should certainly compare CD rates before opening any accounts.
Depending on your individual savings goals, there are some other banks you should consider. Customers who want short-term CDs should consider an online bank like Ally or Synchrony. Ally has no minimum deposit requirement and offers some of the most competitive rates. The disadvantage for some people is that online banks do not have physical branches.
If you prefer a bank with physical locations, look at the rates from Capital One. Capital One has competitive rates and requires no minimum deposit.
|CD Account||First National Bank||Ally Bank||Capital One|
Should You Get a First National Bank CD Account
Whether or not you should get a CD with First National Bank will depend on your individual situation. The interest rates are not the highest available on the market. However, you may get high rates if you can afford the high minimum deposit of a special CD. People who cannot afford the special CDs should definitely consider other banks.