Dedicated to Deposits: Deals, Data, and Discussion

2.50% 8-Month CD & 2.40% Money Market Account at Premier American Bank in South FL - Local Only

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Premier American Bank is offering an attractive CD and money market promotion. The CD promotion includes a 2.50% APY 8-month CD and a 2.35% APY 6-month CD. Minimum deposit is $10,000. The money market account offers a 2.40% APY on balances of at least $25K. The rate falls to 1% for balances between $10K and $25K, and 0.25% for balances under $10K. These rates are listed in the bank's specials page as of the morning of 5/26/09.

The specials page states that accounts must be opened in person. Branches are located in Miami, Surfside and Hialeah Gardens, Florida.

The bank's ratings for safety and soundness have fallen quite a bit since my last post on this bank in July 2008 when BauerFinancial gave it a 3.5-star rating. At BauerFinancial, it now has a 0-star rating (lowest). It also has the lowest rating at Bankrate.com. Both ratings are based on 12/31/08 financial data. Deposits are FDIC insured (FDIC Certificate # 57147), so as I recommend with any bank, make sure to keep under the FDIC limits.

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: money market accounts, CD rates, Florida

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Comments
2 Comments.
Comment #1 by Anonymous posted on
Anonymous
Personally, I would skip this CD offer and go with Ally Bank’s (formerly GMAC Bank) 9 month no-penalty CD. It pays the same rate of 2.50%, but you are free to take your money out at anytime without a penalty. If interest rates drop, you’re guaranteed the 2.50% for 9 months. If interest rates go up, you can withdraw your money and put it into the higher rate account without any penalties. Plus there is no minimum amount required to open the Ally Bank 9 month no-penalty CD.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Yes, for those who don't mind opening their accounts online, Ally Bank's 9mo no-penalty CD and regular CD would be better options (see post).

1