Dedicated to Deposits: Deals, Data, and Discussion

3.00% 12-Month CD & 4.50% 60-Month CD at Urban Trust Bank in FL & MD - Local Only

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Urban Trust Bank
Update 7/18/09: Rates have fallen again. Please check the bank's website for the latest rates.

Update 7/03/09: Rates were cut by 25 basis points on all CDs, on the Urban Select Money Market Account and on the Urban Select Money Market Account. Even with these cuts, the rates remain very competitive.

Update 4/18/09: The 12-month CD rate has fallen to 2.75% APY, but the longer term CD rates remain unchanged.

Urban Trust Bank recently raised the yield on its one year CD from 2.50% to 3.00% APY, and they continue to offer very competitive long term CD rates: 4.50% APY 5-year CD, a 4.25% APY 4-year CD and a 4.00% APY 39-month CD. Minimum deposit is $500. IRA CDs are also available. They're currently having a special 60-month IRA CD with a 4.75% APY. These rates are listed in the bank's rate table as of 3/31/2009.

The bank also continues to offer competitive rates on its checking and money market accounts. As of 3/31/2009, the Urban Select Checking Account has a 2.50% APY for balances of at least $1,000. The Urban Select Money Market's APY ranges from 2.50% APY for balances under $25K to 3.00% APY for balances over $25K. This is down by 0.50% since my post in early March.

At the top of the rate table it states that they cannot open accounts online or by mail. A branch visit is required. Branches are located in several North and Central Florida cities including Orlando, Winter Haven and Jacksonville. There are also branches in the Washington DC suburbs of Bethesda and Landover Hills, Maryland. Most branches are inside Walmart stores.

The bank's rating for safety and soundness has gone down a bit at BauerFinancial. It's now 2 stars (problematic) based on 12/31/08 data (had been 3 stars based on 9/30/08 data). Bankrate.com still has ratings based on 9/30/08 data, and the bank's rating remains at 3 stars (performing). Urban Trust Bank has been FDIC insured since 1963 (FDIC Certificate # 31390).

Thanks to the reader who mentioned this 12-month CD rate change in the comments.

Other High Certificate of Deposit Rates

For top CD rates nationally available, refer to my weekly rate summary. Many of the best CD deals are only locally available. To find the best deals in your state, refer to the index of state CD and bank deals.

  Tags: Urban Trust Bank, Maryland, CD rates, IRA rates, Florida

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Comments
Comment #1 by Anonymous posted on
Anonymous
Hi,

Why don't you list Urban in your summary?

Tom

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
It's not nationwide. But I have been listing it as one of the hot local deals (click on the hot deals at the top of the rate summary post).

1
Comment #3 by Anonymous posted on
Anonymous
I see. Thanks for the reply. Fortunately my Aunt lives 20 minutes from the Landover, MD branch (it is inside Walmart!). She is opening a Trust CD for 5 years. Thanks, Tom

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Comment #4 by Anonymous posted on
Anonymous
I work close to the Wal-Mart store and have seen where Urban Trust is located inside the store. They also have a regular branch office near the Bethesda Metro station. Their rates are a bit higher than most other banks, but I was always hesitant to put money into these small community banks in the area. I used to have accounts with several small banks in the DC area, but closed them all a while back.

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Comment #5 by Anonymous posted on
Anonymous
if you have a large deposit, call the branch manager to see if you can open account by telephone, i did 5yrs 100k 4.50%

1
Comment #6 by Ruth James (anonymous) posted on
Ruth James
We opened an IRA CD account at this bank in Jacksonville. Julie and Dwayne were just great. It was a very nice experience and we got a much higher rate than available anywhere in Texas where we live.

1
Comment #7 by Anonymous posted on
Anonymous
If anyone else has had dealings with this bank, Urban Trust or knows anything about them please leave me a comment. I want to go up there but it is along ways and want to be well informed first.

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Comment #8 by robyn (anonymous) posted on
robyn
To Anonymous - I opened a CD at the Jacksonville Beach branch (in Walmart) this week. Didn't seem a whole lot different than some of the smaller banks and credit unions I deal with in the area. No problems opening the account - and the person we dealt with - Ozzie - was very pleasant (his wife just graduated from medical school - so we chatted at length about that).

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Comment #9 by Anonymous posted on
Anonymous
This is to anonymous that said they opened a 100k-5yr account by PHONE. I have been trying to do this through the branch manager now for 1 month. HOW LONG did it take you and at what branch? Thank you so much.

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Comment #10 by Anonymous posted on
Anonymous
It's been over a month and I'm still going round and round with the Landover branch on some IRA transfer CDs. I don't think they know what they're doing.

1
Comment #11 by Anonymous posted on
Anonymous
Urban Trust is advertising for a branch manager position on Careerbuilder. Candidate must have at least a high school education. Is that why I'm having problems with them?

1
Comment #12 by Anonymous posted on
Anonymous
Landover Branch is the one I am dealing with also. Looks like several people feel the same as I do. I have been working with them since May 1st to transfer 100,000 IRA cd. This is getting very frustrating. Does BankGuy have a comment for us?

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Comment #13 by Banking Guy (anonymous) posted on
Banking Guy
Sorry to read about the problems with the IRA transfers. The bank's primary regulator is the Office of Thrift Supervision. Info on submitting a complaint is available at the OTS website.

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Comment #14 by Anonymous posted on
Anonymous
Just got a letter from Urban Trust - they're closing the Landover, MD branch on 1/15/10. Accounts will be transferred to the Bethesda, MD branch.

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Comment #15 by Anonymous posted on
Anonymous
I just received my letter as well, does this mean that they are not doing well in general and could be closing in the future. Could the banking guy give us any info he may have on this. thank you

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