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5.25% Money Market Account Guaranteed to 2/29/08 at Florida Capital Bank

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Florida Capital Bank is offering a money market account with a yield of 5.25% APY guaranteed until 2/29/08. The yield applies to all balances, but there is a $2,000 minimum balance to avoid a $10/mo fee. After the promo ends, the standard tiered rates will then apply. This special doesn't seem to be listed at the bank's website. It was advertised in a Tampa newspaper today (online ad available here). I called the bank and was told it's available at all of their Florida branches.

According to the customer service rep, this money market account has limited checking writing, and the first box of checks is free. Interest is compounded daily and credited monthly. Only ChexSystem is used in the application with no hard credit pull. The standard rates are not that great, so you might not want to keep this for the long term. The curerent tiered rates are 4% APY for over $100K, 3.60% APY for $10K to $100K and 3% APY for under $10K.

The bank requires new customers to visit a branch to open an account. Branches are located througout Florida including the cities of Jacksonville, Gainesville, Daytona Beach, Orlando, Tampa, St. Petersburg and Ft. Lauderdale. The bank has a 2 out of 5 star rating (below peer group) at Bankrate based on 6/30/07 data. It is FDIC insured (Certificate # 26323).

  Tags: savings account, Florida

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