TotalBank has some good deals on its certificates of deposit. For long-term CDs, the best rates are the bump-up CDs. These include a 2.80% APY 5-year CD and a 2.25% APY 35-month CD. These are also available as an IRA CD. For short-term CDs, TotalBank has a promotional rate of 1.30% APY for terms of 7, 11 and 13 months. These rates are listed in the bank's rates sheet as of 11/03/2010.
As a comparison to internet banks, the best 5-year CD rate is currently 2.75% APY at Sallie Mae Bank. The best 6-month CD rate is only 1.15% APY at Bank of Internet USA.
My last review of TotalBank was in June 2009 when they were offering some competitive rates on their online CDs and savings accounts (e-CDs and the e-Savings). These rates have gone down quite a bit. However, the e-CD rates are still fairly competitive ranging from 0.85% APY for 3 months to 1.25% APY for 12 months (I'm afraid in today's world these rates are fairly competitive). Based on TotalBank's documentation from last year, the early withdrawal penalty for CD terms over 6 months is harsh: "equal the interest of half of the term for the amount withdrawn".
Last year the bank was allowing out-of-state people to apply for the online CDs, but based on readers' reports, it's probably not worth it. For the bump-up and promotional CDs, a branch visit is probably required. Branches are located throughout Miami-Dade County.
The bank's overall health score at DepositAccounts.com is 5 out of 5 with a Texas Ratio of 8.83% (excellent) based on 6/30/2010 data. It's a sizable bank with $1.97 billion in assets. Please refer to our financial overview of TotalBank for more details. The bank has been a FDIC member since 1974 (FDIC Certificate # 21468).
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