Dedicated to Deposits: Deals, Data, and Discussion

CD, Savings & Checking Promotion at HomeBanc - Florida Only

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Homebanc National Association

Update: This promotion was again advertised in the August 5, 2012 edition of the Orlando Sentinel.

HomeBanc is advertising a deposit account promotion that it calls the Triple Play. It's offering a 1.05% APY 13-month CD and a 1.00% APY savings account. When these two accounts are opened with the bank's Home Free Checking, you get a $100 gas card. These APYs only apply for balances of $10,000 to $100,000. This promotion doesn't appear to be listed on the bank's website. It was advertised in the 6/3/2012 edition of the Orlando Sentinel. Below is the small print of the offer:

Annual Percentage Yield (APY) effective 6/01/2012. Savings account earns 1.00% APY on all tiered balances between $10,000 minimum opening balance and $100,000 maximum. Minimum opening balance for CD of $10,000 and maximum balance of $100,000. Requires a HomeBanc checking account with a minimum opening balance of $1,500. New money to HomeBanc. Florida deposits only. A penalty may be imposed for early CD withdrawal. One offer per household; no institutional deposits. Triple Play cannot be combined with other offers. Rate and offer subject to change or cancellation at any time without notice.

The Home Free Checking has no monthly fees and no balance requirement. The bank is also a member of Publix Presto! ATM network for surcharge-free ATM use. Details on the checking features are listed in the bank's checking account page. It should be noted that this promotion requires that the checking account be opened with a minimum balance of $1,500.

HomeBanc's savings accounts do have potential monthly fees. The Classic Savings Account has no fee with direct deposit or auto debit or by maintaining a $250 minimum daily collected balance or $500 average monthly collected balance. Otherwise a $2 monthly maintenance fee applies. HomeBanc savings account page has the details on the features.

3-Month CD Special

HomeBanc continues to list a competitive 3-month CD special. I reviewed that special in April.

Availability

The bank only accepts deposits from Florida. The Orlando Sentinel ad only listed the bank's Lake Mary branch (15 miles north of Orlando). I called one of the bank's Tampa branches, and I confirmed that they are also offering this promotion. If you're considering taking advantage of this promotion, it would be a good idea to verify that your local branch is also offering the promotion. HomeBanc branches are located in the Florida cities of Lake Mary, Tampa, Clearwater, Belleair Bluffs and Sarasota. Please refer to the bank's contact page for phone numbers.

Bank Overview

The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.36% (excellent) based on March 2012 data. Please refer to our financial overview of Homebanc for more details. The bank has been a FDIC member since 2007 (FDIC Certificate # 58194).

How These Rates Compare

The best nationally available savings account promotion is currently at EverBank which is offering new money market and checking account customers a 1.25% rate for the first 6 months.

The best 12-month CD rate that's nationally available is 1.15% APY at Doral Bank Direct.

These CD rates are accurate as of 6/5/2012.


  Tags: Homebanc National Association, CD rates, Florida, checking account, savings account

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