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!

Best CD Rates in Orlando, FL: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Orlando, Florida. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Orlando as well as Florida, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Best CD Rates in Jacksonville, FL: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Jacksonville, Florida. The institutions we will cover all include the following cities in Florida: Lakeside, Middleburg, Fruit Cove, Palm Valley, Atlantic Beach, Fernandina Beach, Yulee, Hillard, and Kingsland. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Jacksonville as well as Florida, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Jacksonville, FL:

• Southern Commerce Bank (Jacksonville branch) has a 6 month CD yielding 2.0% APY with a minimum deposit of $500 required.
• First Florida Credit Union has a 6 month CD yielding 1.55% APY with a minimum deposit of $1,000 required.
• JAX Federal Credit Union has a 6 month CD yielding 1.55% APY with a minimum deposit of $500 required.

Best 12 month CD rates in Jacksonville, FL:

• Southern Commerce Bank also has a 12 month CD yielding 2.30% APY with a minimum deposit of $500 required.
• City and Police Federal Credit Union has a 12 month CD yielding 2.0% APY with a minimum deposit of $10,000 required. 
• FirstAtlantic Bank has a 12 month CD yielding 2.0% APY with a minimum deposit of $500 required.

Best 24 month CD rates in Jacksonville, FL:

• Hudson City Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit of $5,000 required. They are a national bank and can accept deposits nationwide.
• Atlantic Coast Bank has a 24 month CD yielding 2.40% APY with a minimum deposit of $1,000 required. 
• JAX Federal Credit Union has a 24 month CD yielding 2.40% APY with a minimum deposit of $500 required. 

Best CD Rates in Miami, Florida: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Miami, Florida. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Miami as well as the state of Florida, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Miami, Florida:

• Eastern National Bank has a 6 month CD yielding 1.76% APY with a minimum deposit of $2500. They have locations in both Miami, FL and Coral Gables, FL. 
• Navy Federal Credit Union has a 6 month CD and a 9 month CD yielding 1.65% APY with a minimum deposit of $10,000. They have locations (both branch and ATM) in Miami.
• First Bank Florida has a 6 month CD yielding 1.60% APY with a minimum deposit of $1000. They have locations in both Miami and Coral Gables, FL.

Best 12 month CD rates in Miami, Florida:

• American Airlines Federal Credit Union has a 12 month CD yielding 2.12% APY with a minimum deposit of $10,000. This will be a difficult credit union to join if you do not work for the airlines company. They have locations in Miami, FL.
• 1st United Bank has a 12 month CD yielding 2.05% APY with a minimum deposit of $5000 required. They have locations in both Miami and Coral Gables, FL.
• Great Florida Bank has a 12 month CD yielding 2.01% APY with a minimum deposit of $10000 required. They also have locations in both Coral Gables and Miami, FL.

Best 24 month CD rates in Miami, Florida:

• Bank of Florida Southeast has a 24 month CD yielding 2.55% APY with a minimum deposit of $1,000 required. They have locations throughout Florida, namely Coral Gables and Miami.
• Banco Popular North America has a 24 month CD yielding 2.35% APY with only a $1.00 minimum deposit required. They have locations in Coral Gables and Miami, FL as well.
• Branch Banking and Trust Company has a 24 month CD yielding 2.25% APY with a minimum deposit of $500 required. They also have several branch locations throughout southern Florida.

Best CD Rates in Tampa, Florida: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Tampa, Florida. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Tampa as well as the state of Florida, we found that for the most part, you will be able to receive slightly better rates with local institutions than with large national banks.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Tampa, Florida:

• Southern Commerce Bank has a 6 month CD yielding 2.0% APY with a minimum deposit amount of $500. This is Southern Commerce Bank’s National Association and serves the state of Florida with branch locations in Tampa. 
• USAmeriBank has a 6 month CD yielding 2.0% APY as well with a minimum deposit of $500. USAmeriBank has locations in Tampa and Brandon, Florida and serves the residents in the state of Florida. 
• Bay Cities Bank has a 6 month CD yielding 1.85% APY with a minimum deposit amount of $1,000. Bay Cities Bank is located in Tampa, Florida.

Best 12 month CD rates in Tampa, Florida:

• Southern Commerce Bank, National Association has a 12 month CD yielding 2.30% APY with a minimum deposit of $500. Southern Commerce Bank is located in the city of Tampa.
• USF Federal Credit Union has a 12 month CD yielding 2.10% APY with a minimum deposit amount of $500. USF Federal Credit Union is located in Tampa, Florida.
• Florida West Coast Credit Union has a 12 month CD yielding 2.05% APY with a minimum deposit amount of $500. Florida West Coast CU has serves residents of the state of Florida and has branch locations and/or ATM’s in Tampa and Brandon, Florida.

Best 24 month CD rates in Tampa, Florida:

• Bank of Florida - Tampa Bay has 24 month CD yielding 2.55% APY with a minimum deposit amount of only $1,000. Bank of Florida serves residents of this state and has several branch locations within Tampa. 
• Hudson City Savings Bank has a 24 month CD yielding 2.50% APY with a minimum deposit amount of $5000. Hudson City Savings Bank has online banking options as well.
• Bay Cities Bank has a 24 month CD yielding 2.40% APY with a minimum deposit amount of $1000. They are headquartered in Tampa.

13 month CD’s paying up to 2.50% APY

Even though the national average for 12 month CD rates is hovering around 1.65% APY, apparently one bank is still paying up to 2.50% APY for 13 month CDs. Thanks to BankVibe reader Ian for submitting this one to us!

The Palm Bank out of Tampa, Florida claims to have a 13 month CD yielding “up to” 2.50% APY. Apparently they want you to contact them if you are interested in opening a CD account. And I’m guessing you will need to be able to deposit a large sum to earn the advertised 2.50% rate (hence “up to”), but we have not reached out to them to verify this. If you have experience with this bank and this account in particular, please let us know what “up to” is subjective to.

They also have a savings account yielding a decent 1.75% APY with a minimum deposit amount of $100.

13 month CD account terms and conditions:

• Annual Percentage Yields (APY) are accurate as of July 1, 2009.
• Rates are subject to change.
• Certificates of deposit are based on $2500 minimum deposit and the yield assumes that principal and interest remain in the account until maturity date.
• Maximum balance amount on individual CDs is $90,000 with option to open multiple CDs.
• Penalty may be imposed for early withdrawal on CDs.
• Savings accounts are based on $100 minimum deposit to open.
• Fees may reduce earnings.
• The Palm Bank reserves the right to withdraw this offer at any time.

7 month certificate of deposit through Central Bank of Florida

…Just got tipped off on a pretty decent deal coming out of Central Bank of Florida, courtesy of BankVibe reader Ryan. And after looking into their rates a little further it seems that Central Florida Bank regularly runs CD rate promotions.

The Central Bank of Florida has a few CD (certificate of deposit) “Specials” currently running, however out of the 3 they are promoting only one is accompanied with a noteworthy APY.

Their “7 Month Advantage CD” is yielding an APY of 2.50% with a minimum deposit of $5,000 as of the 15th of last month. The other “special certificate of deposit” products are a “12 month ratewatcher” and a “24 month ratewatcher” which are yielding 2.00% APY and 2.50% APY, respectively.

Central Bank of Florida Certificate of Deposits Rates:

(as seen on their rates page)

Best CD rates in Florida (Top 5)

Below are the highest yielding CD (certificate of deposit) rates offered to residents in the state of Florida. These interest rates come in the form of 5 year CD’s because longer maturities typically generate the best interest rates. If you know of a deposit rate in Florida that beats what we’ve listed here, please leave a comment below!

The rates are in order of APY (annual percentage yield). If you click on the institution name this will bring you directly to their rates page. You can compare these rates below with some of best CD rates within our archive to make sure you are finding the top rate.

You may find these institutions in Florida’s major cities. These cities may include: Tampa, Orlando, Miami, Winter Haven and Dade City as well as outlying suburbs.

1. Urban Trust Bank: 4.50% APY (5 year term) Minimum deposit to earn APY is $500. Urban Trust Bank is located in Winter Haven Florida and has branches throughout the state and even a few in the DC area. They offer not only financial products but education measures to help the people within the community learn how to reach their financial goals. They claim to regularly conduct financial seminars at churches and community centers as well as participate in financial learning missions in local schools.
2. Fidelity Bank of Flordia: 4.00% APY (5 year term) Minimum deposit to earn APY is $10,000. Fidelity Bank of Florida claims that, “More than 95% of the time Fidelity Bank leads the banks of Brevard County in offering the highest CD rates as reported in the Florida Today newspaper’s money yield comparisons over the past year.” They go on to state that they match that feature with ripened talent and that their average employee has “13 years of banking experience.”
3. Tyndall Federal Credit Union: 3.75% APY (5 year term) Minimum deposit to earn APY is $1,000. Tyndall CU is owned by it’s members and is dedicated to serving them, not stockholders. Since the credit union is a financial cooperative, they return any profits back to the member-owners in the form of lower loan rates, higher deposit rates, and fewer and lower fees.
4. Intervest National Bank: 3.62% APY (5 year term) Minimum deposit to earn APY is $2,500. Interevest is a national bank which offers it’s products to customers nationwide. They are typically on our national CD rates tables becuase their rates generally fall in the top 10 for various savings products. You do not need to reside in the state of Florida to apply for their financial products.
5. Florida Traditions Bank: 3.61% APY (5 year term) Minimum deposit to earn APY is $1,000. Florida Tradtions Bank is a slightly smaller institution. They have 4 primary offices in the state (Winterhevan, Spring Hill, Dade City, and Zephyrhills).