Dedicated to Deposits: Deals, Data, and Discussion

2.75% 12-Month CD & 2.50% 9-Month CD at American Momentum Bank in FL & TX - Local Only

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Update 8/01/09: Rates have fallen. Please check the bank's website for the latest rates and specials.

American Momentum Bank is offering competitive rates on two CDs and a money market account in its Momentum Max Package. The CD rates include a 2.75% APY for 12 months and 2.50% APY for 9 months. Minimum deposit is $1,000. The money market account has a 1.75% APY for balances of $5K or higher. This package requires a checking account with automatic deposit. These rates are listed at the bank's Florida webpage and its Texas webpage as of 6/15/09. More details about this package are described in the PDF product brochure that's linked in these pages.

I called the bank today for additional details. According to the CSR, a branch visit is required. Branches are located in the Florida cities of Tampa, Orlando, Naples, Sarasota and Saint Petersburg, and in the Texas cities of Dallas and Bryan/College Station.

Online Certificates of Deposit

The bank's Florida branch also offers online CDs called e-Momentum CDs. The rates are not quite as good as the above CDs, but they don't require a checking account and anyone in Florida can apply online without a branch visit. The online application link is listed on the upper left side in the menu of the Florida website. Rates are listed in the application. The competitive ones as of 6/15/09 include a 2.50% APY 12-month CD and a 2.00% APY 6-month CD. I was told the rate locks at the time the application is submitted. Also, I was told that you can fund it with either an ACH transfer from your existing account or by check.

The bank's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 3/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 12/31/08 data). The bank has been a FDIC member since 2006 (FDIC Certificate # 58309).

Other High Certificate of Deposit Rates
  Tags: money market accounts, CD rates, Texas, Florida

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Went to the Sarasota branch to open a couple of CD's. Very nice folks at this branch. While a checking account is mandatory to get the best rate, there is no minimum deposit and no direct deposit requirements. I deposited $50. I don't plan on using the checking account so didn't get checks printed or order an ATM card.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad to read of the good customer service.

1