Dedicated to Deposits: Deals, Data, and Discussion

Update on Urban Trust Bank in FL & MD - High Rates Continues, New FL Branches

POSTED ON BY

Urban Trust Bank
Update 7/15/09: Rates were slashed on many of the CDs, the checking and money market accounts. The top CD rate is now 3.50% APY for a 60-month term. Refer to the bank's website for the latest rates.

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+
Certificates of Deposit Rates (including IRAs)
  • 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
The rate table has an effective date of April 16, 2009. But according to the bank CSR, the rates on their website are always current, and they are offered at all of their branches. Rates are reviewed weekly and can change at anytime. I noticed April 16th was a Thursday so I hope we don't get a Thursday rate change tomorrow.

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
  Tags: Urban Trust Bank, money market accounts, Maryland, CD rates, IRA rates, checking account, Florida

Related Posts

Comments
13 comments.
Comment #1 by Anonymous posted on
Anonymous
I opened a 12 month cd @ 2.75% at the Winter Haven branch on June 29th. The service was great!

1
Comment #2 by Anonymous posted on
Anonymous
I've been banking at their Bethesda, Maryland location, and their customer service has been excellent. The only issue with the branch is that it's a little bit hard to find -- it's in the building next to the Bethesda Metro station, on the ground level adjacent to where the Metrobus drop-off/pick-up is located. There isn't much street parking around the building, but there is a county-run parking garage nearby so parking is not too expensive.

1
Comment #3 by Anonymous posted on
Anonymous
I had a feeling that their rates would decrease as well. Luckily, I opened a 39 month 4% CD this week. Unfortunately, their check rate decreased by .25% as well as the rest of their rates.

1
Comment #4 by Angelo_Frank (anonymous) posted on
Angelo_Frank
From their website 7/5/09:

We appreciate the interest we have received from individuals all across America and are pleased that we are developing a national reputation for providing superior value. At this point, Urban Trust Bank is a community oriented bank, focused on providing banking services to the families in our communities. Additionally, we are committed to a careful, managed growth process to ensure that we can always provide a financially strong bank with exceptional customer service to our current customers.



As a result, our current policy requires customers to personally open accounts in one of our Florida or Maryland branch locations. We are growing rapidly and expect to have a national presence and a national customer base in the future. We appreciate the interest and ask that individuals outside our branch footprint visit our website regularly for information about our progress.

1
Comment #5 by Anonymous posted on
Anonymous
Skip the Landover Maryland Branch...go straight to Bethesda. I tried several times to open a C/D @ Landover but had difficulties with computer down or paperwork not forwarded. Bethesda hard to get to but worth the trip.

1
Comment #6 by Anonymous posted on
Anonymous
Don't just skip the Landover branch, skip ALL branches. Rates have been slashed drastically, the top rate which had been 2.75% less than a month ago for over 25K is now a max of 1.95% for over 50K. Was in DC last month and opened an account while in the area. Soon I will be closing. Not a horrible rate, but not a great one. Don't go out of your way for this account.

1
Comment #7 by Anonymous posted on
Anonymous
Urban Trust did not pay interest this month. They promise to pay but with delays & only if you ask. Rates have been slashed from 4% to 1% APY. Banks today get interest free loans from their depositors.
When do you think we can get an interest free loan from them?

1
Comment #8 by Anonymous posted on
Anonymous
URBAN TRUST had the best rates around, but now rates are about the same as everywhere else.

1
Comment #9 by Anonymous posted on
Anonymous
I just looked at my CDs online and saw that Urban Trust made three daily interest postings to each account just after the initial deposit was received and a larger one at cycle end. This month's interest posted as one lump sum. Doing the math, I'm getting the full interest promised.

That said, I still think they don't have their act together.

1
Comment #10 by Anonymous posted on
Anonymous
Just got a letter from Urban Trust - they're closing the Landover, MD branch on 1/15/10. Accounts will be transferred to the Bethesda, MD branch.

1
Comment #11 by Anonymous posted on
Anonymous
I just took a look at their MM rates and it really nosedived since that last time that I searched for their rates.  Glad that I did not bother to open an account and then would have had to move it all out again.

1
Comment #12 by Anonymous posted on
Anonymous
The branch that was in the Landover, MD location inside the Wal-Mart has been taken over by another company.

1
Comment #13 by Anonymous posted on
Anonymous
WoodForest Bank based in Texas has replaced Urban Trust in the Wal-Mart stores.

1