Dedicated to Deposits: Deals, Data, and Discussion

2.55% Online CDs for Terms of 3 to 12 Months Plus 2.05% e-Savings at TotalBank in South Florida - Nationally Available


Update 7/15/09: The e-CD rate has fallen from 2.25% to 1.85% APY, and the e-Savings rate has fallen from 2.05% to 1.55% APY.

Update 6/27/09: The CD rate has fallen from 2.55% to 2.25% APY.

TotalBank is offering competitive rates on its online-only CDs and savings account. The online CD (called Total e-CD) has a 2.55% APY. It's available for terms of 3, 6, 9 and 12 months. Minimum deposit is $1,000. The online savings account (called Total e-Savings) has a 2.05% APY. These rates are listed in the bank's rate sheet as of 6/04/09.

There's also a competitive 7-month promotional CD with a 2.25% APY. Minimum deposit is $1,000, and new money is required. This rate also applies to terms of 11 and 13 months. These aren't online CDs, and they appear to require a branch visit.

Refer to the bank's online accounts page for details and the link to the online application. It appears to allow applications from any state. I wasn't able to confirm this before the business day ended. I sent an email to confirm.

Update 6/05/09: I just received confirmation from a TotalBank CSR that they do accept deposits from all states. I also asked about a few other issues. According to the CSR, the CD rate won't lock until they receive the funds. You can fund the CD by ACH transfer, a wire transfer or by mailing a check. At maturity, in addition to having them send you a cashiers check, you should be able to request a wire transfer. They'll need written instructions for this. TotalBank's direct number for help on the internet accounts is (305) 232-4900.

The first page of the online application states that you must "agree that my credit and account history may be reviewed with consumer reporting agencies.&quot This might mean a hard credit inquiry. The application also states that for funding your account you'll need your routing and account numbers from an existing account at your current financial institution. So it appears an ACH transfer is used to fund the account. The application limits the deposit amount for the e-CD to $99,000.

Some important CD details listed in the documentation include:
  • Interest is compounded and credited monthly
  • Automatically renews, but you have a 10-calendar day grace period to close it
  • Early withdrawal penalty is 3 months of interest on amount withdrawn for CD terms up to 6 months. Over 6 months, the penalty is equal the interest of half of the term for the amount withdrawn
The main issue with the Total e-Savings Account is that they credit interest only once a quarter, and when you close the account, you will not received accrued interest that has not been credited. Other details mentioned in the bank's documentation include:
  • $100 minimum initial deposit
  • No minimum balance requirement to avoid fees
  • $500 minimum balance or $1,000 minimum average daily balance required to earn interest
  • Interest compounded and credited quarterly
  • If you close your account before interest is credited, you will not receive the accrued interest
  • Typical limit of 6 withdrawals per statement cycle as required by federal regulation
Branches are located throughout Miami-Dade County.

TotalBank's ratings for safety and soundness are fair to weak: 3.5 stars (good) at BauerFinancial and 2 stars (below peer group) at These ratings are based on 12/31/08 data. TotalBank was bought by Banco Popular Espanol, a banking group in Spain, in 2007. This is a different company than Popular, Inc. which is the bank holding company of Banco Popular. TotalBank has been been FDIC insured since 1974 (Certificate # 21468).

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: CD rates, TotalBank, savings account, Florida

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Comment #1 by Dave (anonymous) posted on
Is this rate nationally available or only for residents of Florida?

Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
I wasn't able to get through on the phone with them yesterday afternoon, and the email I sent bounced back. I'll keep trying to confirm.

Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Just received confirmation from a TotalBank CSR that they do accept out-of-state deposits. I've updated the post with the info I received.

Comment #4 by w (anonymous) posted on
I have an email dated 5 June stating they will email me in 2-3 days about the status of my application. No one answers the phone. I think this blog should take down this post.

Comment #5 by Banking Guy (anonymous) posted on
Banking Guy
Have you tried their internet account number at (305) 232-4900 ? I did have trouble when I first called. They don't seem to be staffed well for a nationwide account.

Comment #6 by w (anonymous) posted on
I finally got through on that number and talked to Giselle, who said my application was declined. She refused to elaborate. I think we are seeing a worst case of this bait-and-switch the banks are playing. They get a huge increase in accounts and then begin dropping the rates. For CD and other term accounts they simply cut off when they get all they want: they may have to raise more equity.

The only two that have worked out (so far) for me in the last couple of months are Coulee (rate drop was expected and will continue) and ShoreBank, where I had a couple of days to get in on the offer.

Comment #7 by Bill (anonymous) posted on
I just got done trying to open this CD online and after the id verification questions but before the actual funding, got a screen tht said something like "thank you for you application. A representative will contact you in 2-3 bussiness days". Anyone else have this problem?