2.00% 6-Month CD & 2.40% 15-Month CD at Southern Commerce Bank in Florida - Local Only

Southern Commerce Bank has three very competitive CD rates: 2.00% APY for 6 months, 2.30% APY for 12 months and 2.40% APY for 15 months. Minimum deposit is $500. These rates are listed at the bank's rates page as of 8/31/09. The rates page had an old date, so I called the bank's toll-free number at 1-866-868-1919, and I was told the same rates.

A branch visit appears to be required to open an account. Branches are located throughout Florida including the cities of Fort Pierce, Tampa, Daytona Beach, Gainesville and Jacksonville.

The bank's ratings for safety and soundness are a little weak:: 2 stars (problematic) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both are based on 3/31/09 financial data. The bank has been a FDIC member since 1987 (FDIC Certificate # 26970).

The bank has a history of competitive short-term CDs. My last post on this bank was in November 2008 when it was offering a 4.10% 6-month CD and a 4.25% 12-month CD.

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Tags: CD rates, Southern Commerce Bank, Florida