Florida Deposit Account Rates and Deals

SunTrust Bank continues to offer a special CD package with a 3.00% APY. It's a bit unusual in that it requires that you open two CDs: one with a 26-month term and the other with a 49-month term. An equal amount must be deposited in each. Minimum deposit is $2,000 per CD. A checking account is required. I was told that the free checking qualifies. You can also open these special CDs in an IRA. This CD special is listed at the SunTrust CD page as of 3/12/2010.

I first reported on this CD special in February when it was only available in the Tampa metro area. I called SunTrust today (800.279.4824), and the CSR said it could be opened by phone from any state. The CSR said he could open it by phone and use ACH debits from your bank's checking or money market account to fund the CDs and checking account. Note, it would take 3 debits to fund the accounts which could cause you to go over your 6-per-month limit on savings and money market accounts. According to the CSR, the CD rate would lock on the day you apply by phone. The CD rate is subject to change on any day. The CSR didn't know how much longer it would last. I also asked the CSR about the early withdrawal penalty, but I didn't get a simple answer. It appears to be based on how close you are to maturity. If you have more details about this, please leave a comment.

$150 Checking Account Bonus

SunTrust's $150 checking account promotion is still available. I first mentioned this in my February bonus review. According to the CSR, one could open the checking account for this promotion and then open these CD specials at the same time by phone. Or if you don't want the CDs, you could just do this checking promotion. Make sure you register your SunTrust checking account in the promotion via suntrust.com/solid by April 30, 2010. Refer to my February bonus review for more promotion detailss.

No Hard Credit Pull

According to the CSR, there's no hard credit inquiry. It's only a soft pull. This is the same info that I received in 2008 and many have confirmed there's no hard pull in this FW thread. So you shouldn't have to worry about having this ding your credit score.

Bank Overview

SunTrust is a large regional bank with $125 billion in deposits. It has branches throughout the southeast in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia and Washington DC.

Dow Jones reported on SunTrust's downgrading by Standard & Poor's Ratings Services on February 1st:

SunTrust, which serves areas of the southeast U.S. hit hard by the real estate crash, including Florida, has suffered from exposure to local construction and commercial real estate, as well as effects of high unemployment. The lender posted a string of losses last year.

As you may expect, SunTrust's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). SunTrust is a FDIC member (FDIC Certificate # 867).

BBVA Compass Bank is offering another bonus of up to $150 for opening a new checking account, using online bill pay and direct deposit. Here's the promotion page link. It's not as good as the January promotion since the $150 is not all cash. $50 of the bonus is a hotel gift card. Here are the important details of this new promotion:

• Open a new Build-to-Order checking account online by 3/31/2010 (small print says 3/31 even though headlines say 4/30)
• $100 cash when you establish a recurring payroll direct deposit by 04/30/2010
• $50 hotel gift card when you pay at least one bill for at least $25 to an unrelated third party via online bill pay by 04/01/2010

Note, according to the small print, the $50 hotel gift card is also available for existing BBVA Compass checking customers who haven't used online bill pay in the last 90 days. I don't know the "true" value of the hotel gift card. It can only be used for hotels booked at www.myhotelgiftcard.com and requires a two night minimum stay.

Requirements for Opening Compass Bank Accounts:

• Must be a U.S. Citizen
• Have a permanent residence within a state where BBVA Compass has a banking center (Alabama, Arizona, California, Colorado, Florida, New Mexico, or Texas) and your permanent residence must be located in close proximity to a BBVA Compass banking center.

BBVA Compass now has branches in California after its acquisition of the failed Guaranty Bank last August. However, these branches may not be transitioned over yet to allow people to qualify for these Compass promotions. If you're in California and interested in this promo, it may be worth a call to Compass.

BBVA Compass Checking Accounts

I completed a Compass checking promotion in 2006 and received the promised $50 gift card without any problems. One downside is that I did received two hard credit inquiries by Transunion.

The Build-to-Order Free Checking comes with some basic features. Two additional premium features are allowed without cost. The notable basic feature is no minimum balance or direct deposit requirement. Also, bill pay is free. The notable premium feature for those who want to make extra money is a $25 anniversary cash bonus. One feature that is lacking is free checks. A reader in a previous Compass post mentioned that the first order of checks is free.

The disclosure has some of the details of $25 anniversary cash bonus feature. I switched my Compass checking account to this Build-to-Order Free Checking in December 2007 and chose the $25 anniversary cash bonus as one of my premium features. Then I set up small monthly ACH debits from my online bank account to keep the checking active. I received the $25 bonus for both 2008 and 2009.

BBVA Compass Bank is a member FDIC (FDIC Certificate # 19048).

Credit for this find goes to this iBankDesign thread.

Other Bank Bonuses

To find other bonus deals, please refer to my best bank bonuses page which has all of my recent bank bonus posts.

BancorpSouth Bank continues to offer a high-yield reward checking account called Performance Checking. I first reported on this account in May 2008. The rates have fallen a bit, but it remains competitive, and it has a higher-than-average balance cap of $30K. Another thing nice about this bank is that it's large with 289 offices throughout the Southeast. So if you're looking for a local reward checking account, a BancorpSouth branch may be nearby.

The rates are not easy to find at the bank's website. The only place I found the rate was at the start the online application (link to application located at this BancorpSouth page). You first have to select the state and the city of your home branch. The next page has links for each account, and you can click on the link for the Performance Checking to see the rate. It does vary based on your city. I've checked a few cities, and here are the two rates as of 3/11/2010:

• 3.25% APY up to $30K for Baton Rouge, LA & Tyler, TX
• 3.00% APY up to $30K for Destin, FL & Huntsville, AL

Please leave a comment about the rate if you check your city. The Performance Checking account has the typical reward checking features such as debit card usage (12 per month). Refer to this BancorpSouth page or my BancorpSouth checking review for more details.

Performance Savings Account

One thing that has been added since my 2008 post is a high-yield savings account. This also has the Performance name. The Performance Savings has a 1.50% APY (as of 3/11/2010) for all balances if the following two requirements are met:

• Transfer at least $50 into your Performance Savings account each interest cycle electronically via ACH or Internet Banking Transfer.
• Combine your Performance Savings statement with your BancorpSouth Checking account statement (you will no longer receive a separate statement for your Performance Savings account).

If these requirements are not met, the rate falls to the standard rate of 0.15%. This does require the Performance Checking account, but unlike other reward checking/savings combos, you don't have to meet the reward checking requirements to qualify for the bonus rate.

The Performance Checking and Savings accounts provide a nice alternative to savings accounts at internet banks, many of which now have rates of 1.25% or less.

Online Application and Branch Locations

As I mentioned above, there's an online application for both these accounts at this BancorpSouth page. The application makes it appear that you have to live near a branch to qualify. Most of BancorpSouth branches are located in Mississippi, Alabama, Tennessee, Arkansas and Louisiana. There are also a few in East Texas, the Florida Panhandle and in the Springfield and St. Louis metro areas of Missouri.

Financial Overview

BancorpSouth's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial (based on 12/31/09 data) and 4 stars (sound) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 11813).

Thanks to the reader who emailed me news of this reward checking account.

Other Reward Checking Accounts

As I mentioned above, BancorpSouth is a large bank with 289 branches, $13.2 billion in assets and $10.6 billion in deposits. There are not many other large banks offering reward checking accounts. I recently reviewed a few large banks offering reward checking, but I forgot about BancorpSouth which happens to be larger than the ones I mentioned in that post.

To find nationally available reward checking accounts and reward checking accounts in your local area, please refer to the reward checking section of DepositAccounts.com.

Northrop Grumman Federal Credit Union is offering special 9-month, 18-month, 30-month and 60-month CDs and IRA CDs. Unfortunately, these are not available to all members (see below). The best rates require a $40K minimum deposit. These are listed at the credit union's rates page as of 2/26/2010 and include:

• 1.92% APY 9 months
• 2.41% APY 18 months
• 2.81% APY 30 months
• 3.63% APY 60 months

Rates are about 25 basis points lower for a $2,500 minimum.

Unfortunately, unlike NGFCU's standard CDs, these specials are available to NGFCU members of record prior to 1/31/2010 and to NGC and LA Metro employees and their family members who are not current members. Note, this restriction is stated near the top of the rates page. This is the same promotion that NGFCU did last year (and the year before), so if you're not already a member, you may want to join now so you can take advantage if they offer this again next year.

For those who don't qualify for these promotions, NGFCU continues to have some competitive rates on its regular CDs. These are listed at the credit union's rates page as of 2/26/2010, and the most competitive ones include:

• 1.63% APY 6 months
• 1.87% APY 12 months
• 2.15% APY 24 months
• 3.32% APY 48 months

The above rates require a minimum deposit of $40K. Rates are about 25 basis points lower for a $2.5K minimum.

Membership Eligibility

Anyone can qualify for NGFUC membership by joining the Southern California Historical Aircraft Foundation (SCHAF). The credit union website has an online application link that takes you to the Andera service where you can join the SCHAF, join the credit union and open accounts. According to the first page of the Andera application:

Members of the Southern California Historical Aircraft Foundation (SCHAF). When you join using this method, you will receive a free one-year membership in SCHAF concurrent with your lifetime Credit Union membership.

Refer to the credit union's eligibility page for more details. For more details about membership and their certificates, please refer to my 2008 Northrop Grumman FCU review post.

NGFCU has branches in several cities of California, Illinois, Maryland, Virginia, Louisiana and Florida.

NGFCU ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 24292).

BankUnited has recently increased its long-term CD rates. They're now quite competitive: 3.25% APY for 4 years and 3.50% APY for 5 years. These are listed at the bank's CD rates page as of 2/25/2010. Minimum deposit is $5,000, and new money is required.

The CD details are listed in the truth in savings disclosure (pdf). The early withdrawal penalty for terms over one year is 180 days of interest.

BankUnited has offered several CD deals since the new bank was established after the old BankUnited was seized by the FDIC in May 2009. I contacted the bank last September and was informed of the CD application process. As I mentioned in my September BankUnited review, BankUnited still didn't have an easy process to open and close CDs if you don't live near a branch. Refer to that post for more details. Hopefully, the new BankUnited has made improvements.

Branches are located throughout South Florida.

With BankUnited being a new bank after the May 2009 seizure, there shouldn't be any concern about another closure any time soon (but it's always wise to stay below the FDIC limit). The new BankUnited's FDIC charter was started on May 21, 2009 (FDIC Certificate # 58979).

Broward Bank of Commerce is offering a competitive 2-year CD which has a 2.35% APY. The other CD terms are not as competitive. The only other one of note is the 5-year CD which has a 3.15% APY. These are also available in an IRA. Another noteworthy account is the bank's money market account. It's a tiered account with a 1.45% APY for balances of $10K to $50K. The yield goes up to 2.10% APY, but this requires a $1 million balance. These rates are listed in the bank's rate sheet as of 2/23/2010.

I last reported on this bank in October 2009 when the money market account had a 2% APY on $10K balance.

Broward Bank of Commerce is a small bank with one office located in Fort Lauderdale.

The bank was just established in January 2009, so it's too new to have ratings for safety and soundness. It has been a FDIC member since it was established (FDIC Certificate # 58813).

Republic Bank is offering a high-yield reward checking account called BreakFree Checking. It offers the following rates if certain monthly requirements are met:

• 2.00% APY for balances up to $500,000
• 0.05% APY for portion of balances over $500,000
• 0.01% APY base rate if monthly requirements are not met

The monthly requirements include:

• 12 debit card purchases
• 1 direct deposit or automatic payment
• receive online statements

Some additional important features of this account include:

• $10 account setup fee
• $10 annual fee
• $50 minimum initial deposit
• No minimum balance requirement
• Free ATM transactions everywhere (All ATM fees assessed are refunded to the account on the next business day.)

This is the first time I've seen an account setup fee and an annual fee. They're small, so the account could still be worthwhile for large balances.

There's an online application link at the BreakFree Checking page. However, the first page of the application lists the areas of the country that are eligible to apply. Areas include:

Kentucky market areas: Boone, Bullitt, Daviess, Fayette, Franklin, Hardin, Jefferson, Kenton, Oldham, Scott, Shelby and Warren County

Indiana market areas: Clark County, Floyd County and Harrison County

Florida market areas: Hillsborough, Hernando, Pasco and Pinellas County

Ohio market areas: Hamilton County

According to the bank customer service rep, they do not run a credit report at a branch during the account opening process. However, if you apply online, they do run a credit report that could be a hard pull.

$100 Bonus Through 4/30/10

A reader mentioned receiving a mail offer about a $100 bonus for opening either the BreakFree checking, the Premier 50 checking or the Absolute Free checking. I inquired about this offer via the bank's online chat. According to the CSR this offer was sent National City clients to move their business over to Republic Bank. However, the CSR also said that new customers who are not National City clients could still be eligible if they are willing to move all of their accounts to Republic Bank. A branch visit would be required for this $100 bonus. Hat tip to the reader for mentioning this promo in the comments.

Bank Overview

The bank has two FDIC charters that are both under one holding company. These two banks are:

• Republic Bank based in Port Richey, FL (FDIC Certificate # 35344) Ratings: 4 stars (sound) at Bankrate.com and 3½ stars (good) at BauerFinancial
• Republic Bank and Trust Company based in Louisville, KY (FDIC Certificate # 23627) Ratings: 4 stars (sound) at Bankrate.com and 3½ stars (good) at BauerFinancial

The above ratings are based on 9/30/09 financial data.

Update 2/19/2010: This CD special is now available at all SunTrust branches in Central Florida.

SunTrust is advertising a competitive CD special that's a bit unusual. It requires that you deposit equal amounts in a 26-month CD and a 49-month CD. Both have a 3.00% APY which is competitive even for a 4-year CD. A SunTrust checking account is required. The offer is available for consumer, business and IRA CDs. Minimum deposit is $2,000, and the maximum is $1 million. This special doesn't seem to be listed at SunTrust's website. It was advertised in today's (2/14/2010) Tampa Tribune. The ad is available online here.

According to the ad, the offer is good in metropolitan Tampa, Florida. So this may not be available at all SunTrust locations. If you find it's available elsewhere, please leave a comment.

Update 2/19/2010: I was just informed that this CD promotion is now available at all SunTrust branches in Central Florida in addition to the Tampa area. I was also told more details about the checking requirement: Solid Choice checking (15k combined min balance requirement) or Signature Advantage (250k combined min balanace requirement) checking are required.

I just posted on a $150 SunTrust checking account bonus that appears to be available nationwide (see post). In January, SunTrust was offering a 1.60% money market promotion with the rate guaranteed for 3 months (see post). I was told on 2/19/10 that this mma promo is still available.

Dow Jones reported on SunTrust's downgrading by Standard & Poor's Ratings Services on February 1st:

SunTrust, which serves areas of the southeast U.S. hit hard by the real estate crash, including Florida, has suffered from exposure to local construction and commercial real estate, as well as effects of high unemployment. The lender posted a string of losses last year.

As you may expect, SunTrust's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both are based on 9/30/09 financial data.

SunTrust is a FDIC member (FDIC Certificate # 867). It's one of the large regional banks with $166 billion in assets and $126 billion in deposits.

First Choice Credit Union is offering a 4.25% APY CD special. The downside is that it's a 10-year term. However, it has some liquid features that may ease your mind about locking into this very long term. First, it allows additional deposits. There is a limit of $25,000 which is the maximum amount you can have in this CD per member. Minimum deposit is $1,000. The second flexible feature is that it allows a penalty-free withdrawal each year of 20% of the balance. The credit union's promotions page lists the 4.25% APY and the account details as of 2/09/2010.

I emailed the credit union with some additional questions. According to the CSR, the 10 year CD is paid out on a quarterly basis. It can be deposited into your savings account instead of rolling over. They currently don't have an end date and expect to be offering this for a while.

Membership is open to anyone who lives or works in Palm County, Florida. Also eligible are all employees and retirees of the Federal Government and veterans of any branch of the service living in one of several Southeast Florida counties. Please refer to the credit union's membership page for the full details.

The credit union's ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 67725).

Premier American Bank, N.A. is offering several competitive CD specials. The two best include a 2.00% APY 12-month CD and a 2.15% APY 18-month CD. Minimum deposit is $10,000 ($5,000 for IRA CDs). Below is the full list of CD specials as listed at the bank's specials page as of 2/05/2010:

• 1.50% APY 6 month
• 1.75% APY 9 month
• 2.00% APY 12 month
• 2.15% APY 18 month
• 2.10% APY 24 month

There's also a competitive money market account special which has a 2.00% APY for balances over $10,000 as of 2/05/2010. Minimum initial deposit is $2,500.

It appears that a branch visit is required to open an account, and you may have to be a local resident (note to those visiting Miami for the Super Bowl). Branches are located in Miami, Surfside and Hialeah Gardens, Florida.

Didn't the Bank Fail Last Month?

One interesting thing to note about this bank is that it's a newly chartered bank that took over the failed Premier American Bank on January 22, 2010. Here's how the FDIC described this transaction:

To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, a newly-chartered national institution, to assume all of the deposits of Premier American Bank. Premier American Bank, N.A. is a subsidiary of Bond Street Holdings, LLC, Naples, Florida.

By the look of the bank's website it appears the new owners are trying to be very quiet about this change. I can't see any news about the failure or takeover.

This is a good reminder to check the rates of any bank that has failed and has been taken over by another bank. It's common for the new bank to offer competitive deposit deals in an attempt to retain customers. Another benefit of these deals is that the new bank should be in much better shape financially.

This newly chartered bank already has an entry at the FDIC website (FDIC Certificate # 58991).

Thanks to the reader Linda who mentioned this CD special in the Open Discussion Thread.