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.
Urban Trust Bank continues to offer very competitive rates on its checking account, money market account, CDs and IRA CDs. They also added some new branches in Southwest Florida. These new branches were acquired from SunTrust Bank, and like most of Urban Trust Bank branches, these new branches are inside Walmart stores. This Orlando Sentinel article has more on this acquisition. The article also mentions an interesting note regarding Urban Trust's deposit growth. It has grown more than sevenfold during the last 12 months that ended March 31. With their very competitive rates, I can see why deposits have grown.
Here are some of the current rates as listed in the bank's rate table as of 7/01/09. The long-term CD rates are especially competitive.
- Select Checking - 2.50% APY $1K+
- Select Money Market - 2.50% APY $2.5K-$25K, 2.75% APY $25K+
- 2.00% APY 3 month
- 2.15% APY 6 month
- 2.30% APY 9 month
- 2.75% APY 12 month
- 2.80% APY 18 month
- 2.85% APY 24 month
- 4.00% APY 39 month
- 4.25% APY 48 month
- 4.50% APY 60 month
At the top of the rate table it states that they cannot open accounts online or by mail. A branch visit is required. One commenter in my previous post mentioned being allowed to open the 5-year CD by phone via a branch manager. Others haven't reported success with this so I'm considering this a local deal.
A few readers reported good customer service at the bank's Jacksonville branch. However, a couple of other readers reported long delays with IRA CD transfers at their Landover, Maryland branch.
Branches are located in several North, Central and Southwest Florida cities including Orlando, Winter Haven, Jacksonville, Bradenton and Naples. There are also branches in the Washington DC suburbs of Bethesda and Landover Hills, Maryland. Most branches are inside Walmart stores.
The bank's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 3/31/09 data) and 3 stars (performing) at Bankrate.com (based on 12/31/08 data). Urban Trust Bank has been a FDIC member since 1963 (FDIC Certificate # 31390).
Other High Certificate of Deposit Rates