Highest 3 year CD rates in Florida (February 2012 Edition)

It seems that the hunch we had in this post came true. Ben Bernanke has publicly proclaimed that key rates will remain at near zero levels through 2013 and well into 2014. While savers must be banging their heads against the wall after hearing this announcement, we immediately went on a hunt to track down the best 3 year CD rates in a number of states.

The first state we chose to survey was Florida. As most people know (especially those into politics or those that reside in the state) Florida’s demographics primarily consists of an aging population. A population that has made their contributions to society and have earned their wages for doing so – be it large, small or somewhere in between – and are looking for fixed income investment vehicles to stick at least a portion of their nest egg. And here at BankVibe.com we currently are recommending the 3 year CD. We find this to be the optimal time in which to invest. After the FED’s most recent meeting and public announcement, we think the 36 month deposit, if invested in today, will expire at precisely the time in which interest rates will begin to rise, thus freeing up those funds to put back into another certificate of deposit with a higher annual percentage yield.

The top 3 year CD rates in FL are listed below. Keep in mind that the current national average for 36 month certificates of deposit hovers around an incredibly low 1.0% APY.

Top Five 3 year CD Rates in Florida (February 2012)

(If you don’t live in Florida and would like to review the best CD rates available nationwide, stop by our CD rate center.)

1) Peoples Alliance Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.67% APY requiring a minimum deposit of $500.

2) American Airlines Federal Credit Union (Miami, FL) has a 36 month deposit yielding 1.61% APY requiring a steep minimum deposit of $10,000.

3) Florida Credit Union (Starke, FL) has a 36 month deposit yielding 1.61% APY requiring a minimum deposit of $1,000.

4) Flagier Bank (West Palm Beach, FL) has a 36 month deposit yielding 1.60% APY requiring a minimum deposit of $500.

5) GulfSouth Private Bank (Santa Rosa Beach, FL) has a 36 month deposit yielding 1.60% APY requiring another rather steep minimum deposit of $10,000.

Have you locked in a 3 year CD lately in the sunshine state with a higher interest rate than what we’ve listed above? If so, please share by leaving a comment!

CD Rates from Jacksonville, Florida Banks and Credit Unions

The highest interest rates on certificates of deposits offered from local Jacksonville, FL banks and credit unions are struggling to match those of top nationally available institutions online. In our most recent survey isolating Jacksonville area banks and credit unions and comparing them with the top online and nationwide banks from our database, we found that rate-hunting consumers were better off going with the online ones.

We first surveyed the top ten 6 month CD rates with Jacksonville area zip codes and compared them with the top 10 from our database and found that not one local credit union or community bank was amongst them. There are certainly plenty of deals on CD rates from local institutions in Florida (when compared to the national average), but when you narrow that down to just the Jacksonville area, local institutions are scarce and not at all competitive with their rates.

After surveying 6 month CDs we moved on to 1 year CDs, and all the way up to 5 year deposits. Below are the local banks offering rates that could hang with our top ten rates from online banks and nationally available institutions from our database.

Noteworthy Local CD Rates (Jacksonville, Florida):

- Compass Bank (Orange Park) has a 2 year CD yielding 1.25% APY requiring a $5,000 minimum deposit.

- Navy Federal Credit Union (Jacksonville, FL) has a 3 year CD yielding 1.45% APY requiring a $1,000 minimum deposit.

- Urban Trust Bank (Orange Park) has a 3 year CD yielding 1.45% APY requiring a $500 deposit.

- 121 Financial Credit Union (Jacksonville, FL) has a 5 year CD yielding 1.95% APY requiring a $500 deposit.

- VyStar Credit Union (Orange Park) has a 5 year CD yielding 1.91% APY requiring a $10,000 deposit.

If you live in the Jacksonville area and know of a better CD rate in your neighborhood, please share by leaving a comment!

Florida Credit Unions with Respectable Rates on 5 Year Deposits

After a BankVibe.com reader notified us on a competitive 5 year CD coming from a regional credit union based out of Florida, we conducted a little further research an outed a few more noteworthy long term CD rates (with 5 year terms, to be exact) coming from credit unions in Florida.

Although we wouldn’t necessarily recommend locking your money into a 5 year CD in this miserable landscape for FDIC-seeking-savers, we still thought we’d highlight them since they’re beating the national average by such respectable margins.

Before we mention the top 3 however, we’d like to state that these are fairly exclusive, regionally operated credit unions. It may be difficult to join if your individual circumstance (ie place of work, residence, family ties, etc) doesn’t meet their targeted market. That being said, if you do fall into their list of selected employers, have family members that do, or reside in their area of regional operation, it’s certainly worth a shot at applying for membership. Check with the individual institutions’ website or give them a call for further clarification.

Top Rates on 5 year CDs from Florida Credit Unions:

(Rates accurate as of October 2011.)

- American Airlines Federal Credit Union (Miami, FL) has a 5 year CD yielding 2.78% APY with a minimum deposit requirement of $10,000. Visit aacreditunion.org or call (800) 533-0035.

- United Police Federal Credit Union (Miami Beach, FL) has a 5 year CD yielding 2.58% APY with a minimum deposit requirement of $1,000. Visit unitedpolicefcu.com or call 1-800-609-3277.

- Saint Joseph’s Hospital Federal Credit Union (Tampa, FL) has a 5 year CD yielding yielding 2.30% APY with a minimum deposit requirement of $1,000 required. Visit sjhfcu.org and use their contact form for further inquiries regarding membership.

To put the annual percentage yields in perspective, the national average for 5 year certificates of deposit sits at roughly 1.78% APY.

Florida Credit Unions: Who offers the Best CD Rates?

When surveying all the banking institutions’ rates whom open their doors to Floridians, we found that (surprisingly) the best CD rates are offered through banks rather than credit unions. This is slightly odd and out of line with many other states whose regional credit unions tend to offer the best bank rates for both savings accounts and loans. Because credit unions are not-for-profit banking institutions whose profits are typically entitled to it’s staff and members (rather than shareholders), they usually offer better CD rates. Deposits and other savings vehicles offered through credit unions are insured by the NCUA (FDIC equivalent) and your funds qualify for the same sort of protection.

Related: Read our full write-up of Credit Union CD Rates in 2011 OR compare the featured rates below with some of the best online savings rates in 2011.

Best CD Rates from Florida Credit Unions:

The best CD rates we found offered through Florida Credit Unions were a 12 month CD by American Airlines Federal Credit Union (1.26% APY with a minimum deposit of $1,000 required) and a 36 month CD offered through Community South Credit Union (2.00% APY with a minimum deposit of $500 required).

Compare the above with the best CD rates from Florida banks – which currently boasts a 12 month CD yielding 1.40% APY and a 36 month CD yielding 2.12% APY, from Doral Bank and Broward Bank of Commerce, respectively.

To put the offers above in perspective, the average APY for 1 year CDs and 3 year CDs sits at roughly 0.90% and 1.40% respectively.

More Noteworthy CD Rates from Credit Unions in Florida:

(Rates accurate as of May 2011. Visit our CD rates center for all updated rates and information.)

- 6 month CD from FOCUS Credit Union offering an APY of 1.01% and a minimum deposit of $500.

- 24 month CD from America Airlines Federal Credit Union offering an APY of 1.76% and a minimum deposit of $10,000.

- 48 month CD from Pen Air Federal Credit Union offering an APY of 2.25% and a minimum deposit of $500.

Best CD Rates in 2011 – Top 10

CD rates in 2011 have undoubtedly left FDIC-insured investment seekers cranky. And just to make savers a little more frustrated we’ve seen CD rates throughout the country show tiny glimmers of hope as they bounce off of their all-time lows only to return to those levels the following week.

The current national averages for 6 month CDs, 12 month CDs and 3 year CDs currently sit at 0.56% APY, 0.90% APY and 1.40% APY by the leading online and nationally available FDIC insured institutions. With average deposit rates struggling to keep up with inflation, many savers are beginning to get restless.

Sometime next week Federal Reserve Chairman Ben Bernanke will hold his first quarterly news conference regarding (among other things) interest rates. However, I wouldn’t hold your breath as to whether he’ll decide to raise rates. Many analysts have suggested Mr. Bernanke and his team will claim it’s still too early to raise key rates as it may have an adverse impact on the still fragile economic climate.

Where can you find the best CD rates in 2011?

Your best bet is with either online banks – as they can offer slightly higher rates due to their lack of overhead costs that traditional brick and mortar institutions have – or local credit unions. Credit Unions can sometime offer higher CD rates (and better bank rates in general) because they don’t have a board of directors breathing down their necks demanding higher profit margins. Credit Unions are generally not-for-profit institutions which are owned by their members and any profits derived from business are passed along back to their members in the form of higher savings rates and lower loan rates.

Top 10 CD Rates Available (April 2011):

(Please keep in mind interest rates are time sensitive in nature. If this article is outdated, refer to our CD rate database to find the best local and nationally available CD rates.)

1) PEF Federal Credit Union (Ohio) has a 60 month CD rate yielding 3.29% APY with a minimum deposit of just $500 required.

2) Domino Federal Credit Union (Texas) has a 60 month CD rate yielding 3.257% APY with a minimum deposit of just $500 required.

3) Liberty Bank (Florida) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $10,000 required.

4) Premier Community Credit Union (California) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $1000 required.

5) Signature Bank (New York) has a 60 month CD rate yielding 3.01% APY with a minimum deposit of $5000 required.

6) Bank of Utica (New York) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

7) SeaComm Federal Credit Union (New York) has a 60 month CD rate yielding 2.99% APY with a minimum deposit of $1000 required.

8 ) Liberty Bank (Illinois) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of $10,000 required.

9) American Savings Bank FSB (Ohio) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

10) Citadel Federal Credit Union (Pennsylvania) has a 60 month CD rate yielding 3.00% APY with a minimum deposit of just $500 required.

The banks and credit unions we’ve listed above are regional institutions. Visit their individual website(s) to see if they have branches near you or if you can open a deposit product over the phone or online.

Do you know of a better CD rate offered through your local bank or credit union that we haven’t mentioned? If so, please share by leaving a comment!

Bank of America CD Rates 2011

In our latest coverage of CD rates offered by the largest banks in the country, we tracked down Bank of America’s current CD rates as of March 2011. BofA’s CD rates in 2011 aren’t much different then they were last year – they are still sitting below the national average by a decent sized margin and their product offerings remain the same. If you must open a CD with BofA, we’d probably recommend their “Opt-Up” CD so that you’re not locked in to the same abysmal rate for the entire duration of your deposit. Complete terms and conditions of Bank of America’s Opt-Up CD can be found at the bottom of this post.

Bank of America CD Rates 2011:

(rates accurate as of March 2011 in Florida branches. Visit BankofAmerica.com for updated rate info or to change your state of origin.)

- 6 to 11 month CD yielding 0.30% APY with a minimum deposit amount of $1000 required.

- 12 to 17 month CD yielding 0.45% APY with a minimum deposit amount of $1000 required.

- 18 to 23 month CD yielding 0.60% APY with a minimum deposit amount of $1000 required.

- 24 to 35 month CD yielding 0.65% APY with a minimum deposit amount of $1000 required.

- 36 to 47 month CD yielding 1.00% APY with a minimum deposit amount of $1000 required.

- 48 to 59 month CD yielding 1.31% APY with a minimum deposit amount of $1000 required.

- 60 month CD yielding 2.01% APY with a minimum deposit amount of $1000 required.

Terms and Conditions of Opt-Up CD:

If you’ve opened an Opt-Up CD and rates rise, contact BofA anytime after your CD has been open for at least six months to request your one-time rate increase. This new rate will apply only to the remaining term of your CD. All other terms and conditions, including penalties for early withdrawal, remain the same.

For example, if your opening interest rate was 2.00%, after six months, if a new Opt-Up CD is offered at 2.50%, your rate could increase to 2.50% for the remainder of the term.

Outstanding CD rate promotion available to some local residents

BankVibe.com reader Kurt just sent us a fantastic CD rate promotion available to some residents in Florida. Currently if you are eligible to join Miami Postal Service Credit Union you can lock in a promotional 9 month CD with an APY of 1.76%. They refer to this as a jumbo CD, however, it only requires a deposit of $5,000. The dividend rates with this CD are paid quarterly and calculated using the average daily balance method.

Complete List of CD Rates offered through MPS Credit Union (including promotional offers):

- 6 month CD yielding 1.00% APY with a minimum deposit of $1,000 required.

- 9 month CD yielding 1.56% APY with a minimum deposit of $1,000 required.

- 9 month promotional CD yielding 1.76% APY with a minimum deposit of $5,000 required.

- 12 month CD yielding 1.31% APY with a minimum deposit of $1,000 required.

- 18 month CD yielding 1.51% APY with a minimum deposit of $1,000 required.

- 24 month CD yielding 1.51% APY with a minimum deposit of $1,000 required.

- 36 month CD yielding 1.97% APY with a minimum deposit of $1,000 required.

- 60 month CD yielding 2.02% APY with a minimum deposit of $1,000 required.

Who is eligible to join?

Membership in MPS Credit Union is open to everyone who lives, works, or workships within a 15 mile radius of the three MPS Credit Union branches- that is from Homestead and Leisure City to Wilton Manors and Tamarac (Miami, Florida).

Membership is open to postal employees and retirees as well as Federal Government employees and their families.

If you’re a member, all of your immediate family are also eligible to join, regardless of where they live.

Compare this offer to other CD Rates in Florida.

TD Bank CD Rates and Review

TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.

About TD Bank:

TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.

Current CD Rates offered by TD Bank:

Basic CD’s

- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).

- Other terms available, contact a local rep for current rates.

No Catch CD’s

- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

Step Rate CD’s

- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.

- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.

* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).

TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.

Also check out: TD Bank’s Checking Account Bonus

Best 12 month CD rates in Florida demolish national average

When compared to the national average, we’ve seen fairly high CD rates in Florida. A couple weeks back we noted that the top 6 month CD rates in Florida were crushing the national average – and now it looks like the 12 month deposit rates have followed suit!

Jax Metro Credit Union out of Jacksonville, Florida has a 12 month CD yielding 2.02% APY with a minimum deposit of just $500 required. The national average for 12 month bank certificates sits at roughly 1.17% APY (to put this offer in perspective) and the best rates available nationally aren’t even reaching the 1.60% APY mark.

Another interesting offer comes from Baxter Credit Union out of Miami, Florida. They have set up a “rainy day savings account” which provides yields of 1.51% APY the first 12 months but then jumps up to a whopping 2.95% APY for the second 12 month period. Below are the features, terms and conditions associated with this account…

• Annual Percentage Yield (APY) is subject to change without notice.
  
• The stated opening APY will double after the first twelve consecutive monthly deposits.
  
• Minimum of $25 monthly deposit is required.
  
• $500 maximum deposit allowed per month.
  
• Initial deposit cannot exceed $1,000 and must be made during the month the account is opened or the monthly maximum deposit of $500 will apply.
  
• Funds exceeding the maximum deposit will be transferred to the member’s regular share.
  
• Two withdrawals allowed per calendar year. Excess withdrawals are subject to a $25 penalty.
  
• No withdrawal allowed for the first 90-days or a $25 early withdrawal penalty will be imposed for each withdrawal within 90 day period.
  
• Accounts not meeting the minimum monthly deposit will earn the regular share rate for that month.
  
• Membership is required to open account.

Best 6 month CD rates in Florida thumping national average!

The top CD rates in Florida are beating the national average by almost 2x!

Recently we were tipped off on two banks (actually one bank and one credit union) which are still offering outstanding interest rates on their 6 month CDs (certificate of deposits). If you reside in Florida and have been in the market for a short term bank deposit, then you have undoubtedly seen the abysmal rates in which national banks are currently offering. Today, the national average for 6 month CD’s sits at roughly 1.05% APY. However, we have uncovered two financial institutions which are offering almost twice that amount on their six month deposits. Keep in mind, the institutions offering these products may have strict eligibility requirements and if you reside outside of the state of Florida you may have a difficult time taking advantage of their savings rates.

Bay Cities Bank out of Tampa, Florida has a 6 month CD (as of November 30, 2009) which is paying 1.75% APY. You must make a minimum deposit of at least $1,000 to take advantage of it, and like most deposit products you will incur a penalty for an early withdrawal. Bay Cities Bank has 6 locations throughout the Tampa area, 3 in Hillsborough and 1 in St. Petersburg. They are a wholly owned subsidiary of Florida Business Bancorp (member FDIC) and were established in 1999. You may want to compare this rate to the highest yielding CD rates in Tampa, Florida.

The second Florida bank offering a phenomenal rate on their 6 month CD is Jackson County Teachers Credit Union. They are currently paying a whopping 2.02% APY with a minimum deposit of $1,000. This credit union is a bit harder to join unless you happen to be employed by a Florida school district. 

Both of the above institutions are federally insured by either the FDIC or NCUA (credit union equivalent to the FDIC) up to $250,000. If you live in Florida and know of a better interest rate on a 6 month CD being offered through your local bank, please share by leaving a comment!