USAmeriBank is offering a 2.50% APY 12-month CD. This rate also applies to a 24-month term. Minimum deposit is $500, and it's also available in an IRA. The rate doesn't seem to be listed at the bank's website. A reader emailed me news of this special: he saw it being advertised at the branch on Saturday. I just called and confirmed that it's still available as of today (7/20/09). According to the CSR, this isn't a special CD. It's just their standard rate. She didn't know how much longer the rate would last.
I was told a branch visit is required to open an account. Branches are located in the Florida cities of Largo, Tampa, Brandon and Clearwater.
Most Florida banks that have been offering high CD rates haven't been in the best financial condition. However, this doesn't appear to be the case with USAmeriBank. It has strong ratings for safety and soundness: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 3/31/09 financial data. The bank was established in 2007 so they may not have had the time to acquire the bad loans. The bank is a member FDIC (FDIC Certificate # 58427).
Thanks to the reader who emailed me news of this bank and CD.
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