Premier American Bank, N.A. is offering several competitive CD specials. The two best include a 2.00% APY 12-month CD and a 2.15% APY 18-month CD. Minimum deposit is $10,000 ($5,000 for IRA CDs). Below is the full list of CD specials as listed at the bank's specials page as of 2/05/2010:
- 1.50% APY 6 month
- 1.75% APY 9 month
- 2.00% APY 12 month
- 2.15% APY 18 month
- 2.10% APY 24 month
There's also a competitive money market account special which has a 2.00% APY for balances over $10,000 as of 2/05/2010. Minimum initial deposit is $2,500.
It appears that a branch visit is required to open an account, and you may have to be a local resident (note to those visiting Miami for the Super Bowl). Branches are located in Miami, Surfside and Hialeah Gardens, Florida.
Didn't the Bank Fail Last Month?
One interesting thing to note about this bank is that it's a newly chartered bank that took over the failed Premier American Bank on January 22, 2010. Here's how the FDIC described this transaction:
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida.
By the look of the bank's website it appears the new owners are trying to be very quiet about this change. I can't see any news about the failure or takeover.
This is a good reminder to check the rates of any bank that has failed and has been taken over by another bank. It's common for the new bank to offer competitive deposit deals in an attempt to retain customers. Another benefit of these deals is that the new bank should be in much better shape financially.
This newly chartered bank already has an entry at the FDIC website (FDIC Certificate # 58991).
Thanks to the reader Linda who mentioned this CD special in the Open Discussion Thread.