5.00% Money Market Special at HomeBanc in Florida

HomeBanc is offering a special 5% APY for 120 days on its personal or business money market account. The minimum deosit is $1,000, and the maximum is $100,000. A checking account is required. This special doesn't seem to be listed at HomeBanc's website. It was advertised in today's Tampa Tribune. The ad is available online here.

The small print of the ad states "Florida deposits only." A reader reported in my last HomeBanc post that they require you to come into their office to open an account. Branches are located in Florida cities of Tampa and Sarasota and in Lake Mary which just north of Orlando. The ad only lists the branch in Tampa at 3725 West Grace Street. Before visiting another branch, I recommend calling to ensure they'll honor this ad.

You may have heard about HomeBanc as one of the failed mortgage lenders. As this St. Petersburg Times article describes, HomeBanc has been associated with three different companies. One filed for Chapter 11 bankruptcy protection in August 10, 2007. This one that's offering the special money market account is part of HomeBancorp, Inc, a Tampa holding company, which has bought the HomeBanc name out of bankruptcy court in April 2008. Before April, the bank had the name Community National Bank of the South which was established with FDIC insurance in 2007. The FDIC insurance is now under HomeBanc (FDIC Certificate # 58194).

Tags: money market accounts, Homebanc National Association, Florida