TotalBank continues to offer some good deals on its certificates of deposit. Rates have fallen since my November review, but that's no different than any other bank. The best deals continue to be the long-term bump-up CDs and the short-term promotional CDs. The bump-up CD deals include a 2.50% APY 5-year CD and a 2.00% APY 35-month CD. The short-term promo rates include a 1.20% APY for 7 months and 1.30% APY for 11 and 13 months. These promo rates require new money. Minimum deposit is $1,000. These rates are listed in the bank's rates sheet as of 4/4/2011.
TotalBank used to offer high rates on its short-term e-CDs, but these rates are now all way below 1.00%.
Based on TotalBank's documentation from 2009, the early withdrawal penalty for CD terms over 6 months is harsh: "equal the interest of half of the term for the amount withdrawn". Be sure to check with the bank for the latest details.
For the non e-accounts, a branch visit appears to be required. TotalBank branches are located throughout Miami-Dade County.
The bank's overall health score at DepositAccounts.com is 5 stars (out of 5) with a Texas Ratio of 7.88% (excellent) based on December 2010 data. Please refer to our financial overview of TotalBank for more details. The bank has been a FDIC member since 1974 (FDIC Certificate # 21468).
How It Compares?
Another good South Florida CD deal continues at South Florida Federal Credit Union which is offering a 1.50% APY on a 1-year and 18-month CDs as of 4/4/2011. My first review of this special was in January.
For CDs available nationwide as of 4/4/2011, the best 3-year CD rate is 2.27% APY at Velocity Credit Union. The best 6-month CD rate is 1.50% APY at Connexus Credit Union (but this requires an active checking account). The best short-term deal that doesn't require a checking account is Ally Bank which offers 1.15% APY on its No-Penalty 11-month CD (can be closed early without any penalty).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.