Florida Banking Rates and News

In the last couple of years I've seen more credit unions offering relationship certificate rates. These are higher CD rates if the member has certain relationships with the credit union or has accumulated a certain number of points for those relationships. Often the relationship is an active checking account, credit card or loan. For those who just want to open a CD and forget about it, these relationship requirements can be a deal killer. However, for those willing to put in some work, there can be a nice payoff with substantially higher CD rates. That's the case with Fairwinds...

BBVA Compass is offering its first major checking account promotion since it added new checking account fees. The promotion is listed on the bank's home page. Here's the direct link to the promotion. You can earn $100 for opening a new Build-to-Order or CompassLink Checking Account online by June 30, 2012. Also required is either a qualifying direct deposit or 3 online bill payments of at least $50 each within 60 days of online account opening. Below is the offer's small print:

$100 Bonus Terms & Conditions: New consumer checking accounts opened online from May 4, 2012...

PNC Bank continues to offer a $100 bonus for opening its Virtual Wallet with Performance Spend and for performing certain activities. PNC has made it a little easier to qualify for the $100 bonus compared to last year. However, customers will have to be careful to avoid fees. The Performance Spend is an "upgraded" version of Virtual Wallet, and it has potential monthly fees.

Here's the link to PNC's promotion page. The offer is scheduled to end on 6/30/2012. You can open the account online or choose to have them email you a coupon to take to...

It has been a while since I last reported on Pen Air Credit Union. It continues to have competitive CD rates. One thing that has changed for the better is an expanded field of membership. The credit union's best CD rate is its special 42-month CD which has a 1.75% APY. There's also a special 13-month CD with a 1.00% APY. The most competitive standard CD is the 5-year term which has a 2.00% APY. The same rates are also available in IRAs. These rates are listed in the credit union's share rates page as of...

I have never been enthusiastic about 3-month CD specials. I've found that they're too short to be worthwhile. If you do prefer short-term CDs, at least make sure the yield is higher than savings account rates. That is the case with Homebanc in Florida. They're having another 3-month CD special with a very competitive 1.15% APY. Minimum deposit is $5,000, and the maximum deposit is $100,000. Only one CD offer is allowed per household, and Homebanc is only accepting Florida deposits. New money is required, and it's not available to those who had previous Homebanc CD promotions in the...

If you're looking for the best 5-year CD rate, you are more likely to find it at a credit union rather than at a bank. If you prefer a bank, you'll have to settle for a lower rate. I came across one bank with a 5-year CD rate that's at least close to the best 5-year CD rates from credit unions. It's Jacksonville Bank, and its accounts are available nationwide. There are two 5-year CD and IRA CD rates. The low rate is currently 1.90% APY for a minimum deposit of $1,000. The high rate is 2.15% APY. This...

Many banks may have ended their free checking accounts, but at least a few are still offering new account bonuses. Customers will have to be more careful if they plan to take advantage of these promotions. That's the case with BB&T which is offering a $100 bonus for opening a checking account and performing some additional activities. Last year BB&T ended its free checking account, so those interested in this promotion will have to make sure they can avoid the fees.

To qualify for the $100 bonus, new customers must open a BB&T checking account and set-up direct deposit OR...

In this awful interest rate environment, it's hard to find decent CD rates, and that's especially the case for Florida. I found a couple of competitive CD and IRA CD rates at First Florida Credit Union. You can find higher rates at all-access credit unions based in other states, but if you prefer a branch visit, this may be a better option. One good deal at First Florida Credit Union is its 45-month certificate which has a 1.59% APY. Another good one is its 5-year certificate which has a 1.89% APY. This can be raised up to 1.99% APY...

City County Credit Union increased its CD and IRA CD rates earlier this month. Some of the new rates are now quite competitive. One is the 5-year CD which now has a 2.01% APY for a minimum deposit of $500. Also competitive is the 1-year CD which has a 1.10% APY for a minimum deposit of $50,000 (1.00% APY for a $500 minimum). Members can receive rates 25 basis points higher if they qualify for premium membership. These rates are listed in the credit union's rates page as of 3/27/2012.

The credit union is still offering a...

In today's rate environment, it's difficult to find 2 percent CDs especially in Florida. Miami Postal Service Credit Union is one of the few Florida institutions that still offer a 2 percent CD. It has a 5-year CD with a 2.02% APY. Minimum deposit is $1,000. For those who prefer short-term CDs, the credit union continues to offer a very competitive 9-month CD with a 1.26% APY for a minimum deposit of $25K (1.00% APY for $5K minimum). These rates are listed in the credit union's deposit rates page as of 3/21/2012.

In addition to postal employees...

Northrop Grumman Federal Credit Union used to be a rate leader for many CD and IRA CD terms. That changed a couple of years ago. I just noticed that the credit union's CD rates are becoming more competitive. In addition, it has recently added a 7-year CD that also has competitive rates. The best one is a 2.42% APY for a $40K minimum deposit (2.26% APY for a $2.5K minimum). The 5-year CD rate is also fairly competitive with a 2.05% APY for a $40K minimum. These rates are listed in the credit union's term savings...

MIDFLORIDA Credit Union is offering a $77 cash bonus for opening one of its checking accounts. Direct deposit with a minimum of $500 is required to qualify for the bonus. This is a limited-time offer. Details are listed in this credit union promo page as of 3/8/2012. Below is the small print of the offer:

A $5 minimum savings account is required for membership with MIDFLORIDA. Credit approval required. Offer valid as of November 1, 2011 and may be cancelled without notice. To qualify for the $77 incentive, you must open a checking account of any type...