Amerant Offers Competitive CD Rates in Most States

POSTED ON BY

Deal Summary: 12-month Digital CD, 2.25% APY, $10k min/$250k max deposit of new money, with $500k maximum deposit per customer.

Availability: Nationwide through online application, with the exception of Florida and Texas.

More than two years ago, Amerant (the former Mercantil Commercebank) began offering Online CDs to all Florida and Texas residents. Last week Amerant introduced six “digital” CDs, which are available nationwide, except in Florida and Texas. Of the six, the 12-month CD (2.25% APY) has the most competitive rate. New money is required to open any of the Digital CDs, with a $10k minimum deposit and $250k maximum per CD; there is also a $500k maximum deposit per customer.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.75%$10k$250kAmerant1 Year Digital CD - Limited Availability - New Money
Rates as of March 26, 2023.

For CDs with terms of 3 months up to 12 months, the penalty is an amount equal to 90 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 90 days.

The other Digital CDs include,

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.75%$10k$250kAmerant3 Year Digital CD - Limited Availability - New Money
2.75%$10k$250kAmerant4 Year Digital CD - Limited Availability - New Money
2.75%$10k$250kAmerant5 Year Digital CD - Limited Availability - New Money
2.25%$10k$250kAmerant18 Month Digital CD - Limited Availability - New Money
Rates as of March 26, 2023.

The Early Withdrawal Penalty for these CDs reads as follows:

For CDs with terms over 12 months up to 60 months, the penalty is an amount equal to 180 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 180 days.

Funding and Accessing Maturing Funds

Funding a Digital CD can only be done through a transfer of funds from another financial institution. Maturing funds can be distributed through a transfer to the original funding institution, by a check to the address on file, or a transfer into an Amerant checking account.

Up to three beneficiaries (equal shares) can be named, with Social Security numbers required for all beneficiaries.

Availability

Headquartered in Coral Gables, Florida, Amerant has a brick-and-mortar presence in South Florida and Houston, Texas. Amerant recently introduced six CDs that are available only through online application.

These higher-rate digital CDs can be opened by all U.S. citizens and resident aliens who have a valid U.S. tax payer identification number, with the exception of those who live in Florida or Texas.

Amerant also offers a series of CDs with lower rates to Florida and Texas residents. These CDs can be opened online or at any of 18 South Florida banking centers or eight Houston area banking centers.

Bank Overview

Amerant has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.14% (excellent) based on September 30, 2019 data. Amerant has an excellent capitalization level (11.95%), the result of holding $7.85 billion in assets with $938.6 million in equity. Please refer to our financial overview of Amerant (FDIC Certificate # 22953) for more details.

Currently Florida’s sixth largest bank, Amerant was founded in 1979 as The Gold Coast National Bank. After being acquired by Mercantil in 1987, the Bank rebranded as Commercebank, National Association. Two Florida banks were acquired in 1990, growing the market area and increasing assets to nearly $200 million. Commercebank established a footprint to Houston in 2002, acquired the Houston-based First Texoma Bank in 2005, and rebranded as Mercantil Commercebank in 2007. As its 40th anniversary approached, the Bank “launched a new face” and became Amerant.

How the Digital CD Compares

When compared to 224 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit of $10k or less and are available nationwide, Amerant’s 12-month Digital CD APY currently ranks first. (FYI – there are currently seven nationally available 1-year CDs with APYs of 2.15%.)

The above rates are accurate as of 1/30/2020.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Miami CD rates, West Palm Beach CD rates, Houston CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
Mercantil Bank Ups 60-Month Online CD APY
Deal Summary: 60-month Online CD, 3.50% APY, $500 min/$250k max deposit of new money, with $500k maximum deposit per customer.

Availability: Online market area includes all of Florida and Texas. In-branch market area is South Florida and Houston metro area.

More than a year ago, Mercantil Bank began offering Online CDs to all Florida and Texas residents. Over the weekend, the rate on the 60-month Online CD was raised to 3.50% APY. New money is required to open an Online CD, with a...

Continue Reading
Mercantil Commercebank (FL/TX) Has 60-Month Smart CD
Deal Summary: In-branch Smart CDs - 48-month (2.75% APY), 60-month (3.00% APY), $10k min. 12-month Online CD (2.15% APY), $500 min. All require new money, with $500k max per customer.

Availability: In-branch market area is South Florida and Houston metro area. Online market area includes all of Florida and Texas.

Mercantil Commercebank is once again offering good rates on its Smart CDs. Of the four listed on the website, the 48-month (2.75% APY) and 60-month (3.00% APY) are the most competitive. The Smart...

Continue Reading
Mercantil Commerce Bank (FL/TX) Ups 36-Month Online CD
Deal Summary: 36-month Online CD (2.60% APY), 12-month Online CD (2.05% APY), new money, $500 min/$250k max per CD, $500k max per customer.

Availability: Online market area includes all of Florida and Texas.

In August 2017, Mercantil Commercebank began offering two Online CDs (12- and 36-month) to all residents of Florida and Texas. Both Online CDs had a small rate increase (7bps) in October and a substantial increases (23 and 27 bps) in early January, resulting in top APYs within the market area. Earlier this week,...

Continue Reading
Mercantil Commercebank (FL/TX) Ups Online CD Rates
Deal Summary: 12-month Online CD (2.05% APY), 36-month Online CD (2.40% APY), new money, $500 min/$250k max per CD, $500k max per customer.

Availability: Online market area includes all of Florida and Texas.

About five months ago, Mercantil Commercebank began offering Online CDs to all residents of Florida and Texas. At this time, there are only two Online CDs available - 12-month (2.05% APY) and 36-month CD (2.40% APY). New money is required to open an Online CD, with a $500 minimum deposit and $250k maximum per...

Continue Reading
Mercantil Commercebank (FL/TX) Now Offers Online Smart CDs

Deal Summary: 12-month Smart CD, 1.61% APY; 36-month Smart CD 2.10% APY; new money; $500 min/$250k max per CD; $500k max per customer.

Availability: Online market area includes all of Florida and Texas.

For the first time, Mercantil Commercebank is offering online Smart CDs to all residents of Florida and Texas. The current offerings are the 12-month Smart CD (1.61% APY) and 36-month Smart CD (2.10% APY). New money is required, with a $500 minimum deposit and $250k maximum per CD; there is a $500k maximum deposit...

Continue Reading

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.