Professional Bank is offering two competitive short-term CD specials: 1.75% APY 1-year CD and a 1.50% APY 6-month CD. These require a checking account with a minimum $1K balance. These specials aren't listed at the bank's website. A reader emailed me news of these, and I called today (12/28/2010) for additional details. According to the bank rep, these should last at least through the end of year.
As a comparison to internet banks on 12/28/2010, the best 1-year and 6-month CD rates are 1.41% APY and 1.11% APY at Bank of Internet USA. Connexus Credit Union which makes it easy for anyone to join offers a 1.75% APY 1-year CD and a 1.50% APY 6-month CD, but these require an active checking account.
Professional Bank is a small bank with one office located in Coral Cables, Florida which is just south of Miami.
It's also a new bank that was established in 2008. One good aspect of this is that the bank isn't weighed down by lots of bad loans. The bank has an overall health score at DepositAccounts.com of 5 out of 5 with a Texas Ratio of 0.94% (excellent) based on September 2010 data. Please refer to our financial overview of Professional Bank for more details. The bank has been a FDIC member since 2008 (FDIC Certificate # 58862).
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