Dedicated to Deposits: Deals, Data, and Discussion

Money Market Account and CD Specials at Ocean Bank in Florida

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Update 11/17/08: These specials appear to have ended. Please check with the bank for the latest specials and rates.

Ocean Bank has updated its promotion page to include the CDs that I reported on in this post from two weeks ago. The two competitive CDs include a 4.75% APY 13-month CD and a 4.40% APY 7-month CD. The minimum deposit is $2,500.

One thing that's new is a money market account special that guarantees a yield of 3.50% APY through 4/15/09. The minimum opening deposit is $2,500. The minimum balance required to earn 3.50% APY is $25,000. Balances under this only earn 0.35%.

A branch visit appears to be required to open accounts. Branches are located in Miami-Dade and Broward County.

Ocean Bank has been hit hard in the real estate slump and credit crisis. As you can tell from these deposit specials, they're in need of deposits. According to South Florida Business Journal article, Ocean Bank saw its deposits decline by 18.1% in the last year.

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).
  Tags: money market accounts, CD rates, Ocean Bank, Florida

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Comments
Comment #1 by Anonymous posted on
Anonymous
Those are decent CD rates. But it's important to choose the right bank, too. We need to choose banks the US Treasury Department will judge worth saving. Otherwise, with any CD we open, we risk premature closure within a far worse interest rate environment than exists today. So far I have been fortunate to go into several banks which (very) recently have been smiled upon by Secretary Paulson. Surely hope this streak of good fortune continues.

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