Dedicated to Deposits: Deals, Data, and Discussion

2.00% 6-Month CD & 2.00% Money Market at United Financial Bank of Florida - Local Only

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United Financial Bank of Florida is offering very competitive CD, money market and checking account rates. There's a 2.00% APY 6-month CD. This requies that you also have the bank's money market account which isn't a difficult requirement since it also has a 2.00% APY for a minimum balance of $500. Other CD rates don't require another account. These include a 2.50% APY 24-month CD, a 2.25% APY 18-month CD and a 2.00% APY 12-month CD. These rates are listed at the bank's rate table as of 12/29/2009.

The 2.00% APY 6-month CD rate and the money market rate aren't listed at the bank's website. I just called and confirmed these with a bank rep. According to the bank rep, they had been guaranteeing a 2.25% APY on the money market account, but this guarantee is ending 12/31/09. The rate will then fall to 2% APY without any more guarantee. So the 2% may not last much longer.

The bank is also offering an interest checking account that's paying 1.95% APY for a minimum balance of $500.

I was told by the bank rep that one could open an account by mail. However, it's a small bank so I'm considering this a local deal. The bank is located in Lake Mary which is just north of Orlando.

This bank is a division of United Midwest Savings Bank in Ohio. The parent bank is offering similar CD rates for those in Ohio. However, the 12-month and 24-month CD rates are lower. Refer to United Midwest's rate table for more details.

The bank's ratings for safety and soundness have gone down quite a bit since my January 2009 post on this bank. The ratings are now a little weak: 2 stars (problematic) at BauerFinancial (based on 9/30/09 data) and 1 star (lowest) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1986 (FDIC Certificate # 32441).

Other Competitive Certificate of Deposit Rates
  Tags: CD rates, Ohio, Florida

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