Florida-based Amerant (the former Mercantil Commercebank) has added a 15-month Promotional CD that can only be opened by Florida and Texas residents. Offering a competitive 5.25% APY, this limited-time Promotional CD requires a $10k minimum deposit of new money, which is defined as “new funds deposited to Amerant Bank.” There are two balance caps, determined by how the Promotional CD is opened: $250k maximum deposit if opened online and $500k maximum deposit if opened in-branch.
Early Withdrawal Penalty
I’m not sure what the Early Withdrawal Penalty (EWP) for the 15-month Promotional CD is. The “Online CD Terms and Conditions” disclosure is no longer available on the Amerant website. Although CSR could tell me that partial withdrawals are allowed and what the EWP (dollar amount) would be for a specific amount withdrawn from a specific CD by “using the computer,” she did not have access to the actual EWP text. The best guesstimate I can offer is the text from the Online CD Terms and Conditions disclosure I quoted in a 2020 Amerant blog post:
For CDs with terms over 12 months up to 60 months, the penalty is an amount equal to 180 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 180 days.
Availability and Account Opening
Headquartered in Coral Gables, Florida, Amerant has a brick-and-mortar presence in South Florida and Houston, Texas. More than three years ago, Amerant began offering online CDs, available to all U.S. citizens and resident aliens with a valid U.S. tax payer identification number, with the exception of those who live in Florida or Texas. Historically, Amerant has offered CDs with lower rates to Florida and Texas residents. For a limited time, Florida and Texas residents have the rate advantage, as the 15-month Promotional CD is only available to them.
Funding and Other Details
The following information is the Amerant website and a conversation with CSR.
- Funding – ACH.
- Interest – Compounded/credited monthly; “interest may not be credited to another account other than the same CD at this time.”
- Maturing Funds – ACH, wire ($25 fee), cashier’s check to address on file, or internal transfer.
- Beneficiaries – Unlimited with equal shares; Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull.
Amerant has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.85% (excellent) based on June 30, 2022 data. In the past year, Amerant has increased its total non-brokered deposits by $725.36 million, an excellent annual growth rate of 13.98%. Please refer to our financial overview of Amerant (FDIC Certificate # 22953) for more details.
Currently the seventh largest bank headquartered in Florida, 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 15-Month Promotional CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the Florida and Texas market area and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Amerant 15-Month Promotional CD. The following table compares the 15-Month Promotional CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 4/10/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.