Dedicated to Deposits: Deals, Data, and Discussion

5.30% Money Market Promotion at a Florida Bank (Sun American)


Sun American Bank is offering a money market account promotion that guarantees a 5.30% APY until 3/31/08. The 5.30% applies to balances of $1,000 to $1,000,000. The minimum opening deposit is $5,000. It requires that you also open a new checking account with a minimum deposit of $500 and sign up for online banking (they do offer free checking). There's a closing fee if closed before 180 days.

This special doesn't seem to be listed at the bank's website. It was advertised in today's Treasury Coast Newspaper. The ad is available online here. The ad lists only the Stuart Financial Center at 2171 SE Federal Hwy. (772-221-7050), so I'm not sure if this deal is available at all of their branches which are located throughout Southeast Florida including Miami, Ft. Lauderdale and Hollywood.

The bank is FDIC insured (Certificate # 27126).

  Tags: Florida

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Comment #1 by Anonymous posted on
On PedFed web, there is a "*" next to "2% cash back on all supermarket purchases*", and it's listed in fine prints:
*Certain restrictions may apply. Visa USA determines which stores are categorized as a supermarket.
A balance transfer fee of 1% (min. $10-max. $100) applies to this transaction.

Wonder if it's a mistake for the balance transfer fee. It doesn't make sense to charge min of $10 or 1% for grocery.

Comment #2 by Anonymous posted on
Stay under FDIC limits. Have a look at their stock performance (symbol SAMB) over the past year!