4.75% 13-Month CD at Ocean Bank in South Florida

Ocean Bank is offering a special 4.75% APY 13-month CD. The minimum deposit is $2,500. This 13-month special doesn't seem to be listed at Ocean Bank's website. A reader mentioned it, and I sent the bank an email for additional details yesterday. From the email I received today, they're offering 4 specials:

Term        APY
7 months:   4.40%
11 months:  3.56%
12 months:  4.40%
13 months:  4.75%

Note, Ocean Bank does have a CD promotion page listing the 7- and 12-month CD specials. The 7-month CD yield shown in the promo page is only 4.15% APY. If you're interested in this 7-month CD, please check with the bank to see which is correct.

Branches are located in Miami-Dade and Broward County.

Ocean Bank's financial ratings for soundness are weak: 2 stars (problematic) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both are based on 6/30/08 data.

The bank has been FDIC insured since 1982 (FDIC Certificate # 24156).

Thanks to the reader who sent me email on this CD.

Tags: CD rates, Ocean Bank, Florida