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.
|2.25%||$10k||$250k||Amerant||1 Year Digital CD - Limited Availability - New Money|
For CDs with terms of 3 months up to 12 months, the penalty is an amount equal to 90 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 90 days.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,
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For CDs with terms over 12 months up to 60 months, the penalty is an amount equal to 180 days interest on the amount withdrawn, at the simple interest rate applicable to the Time Deposit, regardless of whether the funds withdrawn have remained on deposit for more or less than the 180 days.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.
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.
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.