Rates have fallen at Broward Bank of Commerce since my last post in August, but some of the CD and money market rates remain competitive. The best CD deal is the 3-year term which has a 2.12% APY. They also have two special CDs with some decent rates: 1.25% APY for 1 year and 1.55% APY for 2 years. The 3-year CD has a $1K minimum deposit, and the special CDs have a $10K minimum deposit and a $250K maximum. These are also available as IRA CDs. The bank just updated its rate sheet (link at this bank page) yesterday (4/11/2011). It appears rates are typically updated on Mondays.
The bank's money market account used to be more competitive when I reported on this in August. Now it's mostly a good deal only if you have a very large balance. The current rate for a $100K balance is 1.00% APY. It goes up to 1.65% APY for a $1M balance. These rates are also listed in the bank's rate sheet as of 4/12/2011.
Broward Bank of Commerce office is located in downtown Fort Lauderdale.
It's a new one-office bank that was established in January 2009. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 0% (excellent) based on December 2010 data. Please refer to our financial overview of Broward Bank of Commerce for more details. It has been a FDIC member since it was established (FDIC Certificate # 58813).
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