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 $500 minimum deposit and $250k maximum per CD; there is also a $500k maximum deposit per customer.
Mercantil Bank also offers the 60-month as a Smart CD that must be opened in-branch. The 60-month Smart CD earns a lower 3.40% APY and requires a $10k minimum deposit of new money.
According to CSR, the Early Withdrawal Penalty (EWP) for either the 60-month Online or Smart CD is one year’s worth of interest.
Thanks to DA reader, louann, for the Forum post about this new rate.
Relationship Money Market Account
Mercantil Bank has a new Relationship Money Market Account (RMMA), which earns 2.25% APY on balances of $100+ when paired with a Relationship Interest Checking Account (RICA). Mercantil Bank’s standard MMA rate is currently 1.55% APY ($25k+) in both Florida and Texas.
The RMMA requires an initial $100 minimum deposit and must be opened in-branch. There is limited check writing available (standard six per month), with a "$10 per withdrawal or transfer in excess of 6 per statement cycle."
According to the Savings Account Options at a Glance chart, there is a $150 monthly service fee, which can be avoided “with a positive balance" in the RICA. You might be thinking, '$150 monthly service fee? – must be a typo.' That’s what I thought when I first read it, but three different CSRs at three different branch locations confirmed that the $150 is correct.
The Relationship Interest Checking Account can be opened with a minimum $100 deposit and earns 0.10% APY on balances of $100+. There is a $35 monthly service fee, which will be waived if the following conditions are met:
$50,000 combined monthly average balance in other deposit, loan or Mercantil Investment accounts (excludes time deposit balances) AND
Monthly Direct Deposit OR 10 transactions per statement cycle
Headquartered in Coral Gables, Florida, Mercantil Bank's market area includes Florida and Texas. The Bank's product line is available to U.S. citizens and resident aliens who have a valid U.S. taxpayer identification number.
Online CDs are available to all residents of Florida and Texas through the Bank’s online application.
Mercantil Bank has a short video guide that walks you through the online application process.
Fully online application.
No need to visit any of our banking centers. Complete a simple
four-step process application using your computer, at your own pace.
Mercantil Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.42% (excellent) based on June 30, 2018 data. Mercantil Bank has an above average capitalization level (10.18%), the result of holding $8.52 billion in assets with $867.11 million in equity. Please refer to our financial overview of Mercantil Bank (FDIC Certificate # 22953) for more details.
Mercantil Bank was founded in 1979 as The Gold Coast National Bank, with a single branch located in North Miami. The Bank was acquired by Mercantil in 1987, becoming Commercebank, National Association. Two Florida banks were acquired in 1990, growing the market area and increasing assets to nearly $200 million. The Bank expanded its footprint to Houston in 2002 and acquired the Houston-based First Texoma Bank three years later. Currently Florida’s seventh largest bank, the Bank rebranded as Mercantil Bank, National Association in January 2018.
How the Online CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank's online market area, Mercantil Bank’s 60-month Online CD APY currently ranks second.
The above rates are accurate as of 10/1/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.