Now through the end of August, BayFirst National Bank (BayFirst) is offering a 14-month CD Special with an eye-catching 6.01% APY and an 8-month CD Special earning 5.75% APY. These limited-time CD Specials require a minimum opening deposit $1k of new money, with no stated balance cap. New money is defined simply as funds not currently on deposit at BayFirst.
Many thanks to the long-time DA reader who shared these excellent CD Specials with me.
Availability and Account Opening
Headquartered in St. Petersburg, Florida, BayFirst National Bank has a brick-and-mortar presence in the greater Tampa Bay metropolitan area. According to the BayFirst website, residents of Hillsborough, Manatee, Pasco, Pinellas, and Sarasota Counties are eligible to open a CD Special.
The first step in opening a CD Special is submitting an Open an Account form, which collects basic personal information.
Getting started is easy, just fill out the form below to start opening your next account with BayFirst. Note: Must be a Florida resident in the following counties: Hillsborough, Pinellas, Pasco, Manatee and Sarasota.
Following submission, a BayFirst official will contact you to arrange for funding and finalizing the application.>
The 14-month and 8-month CD Specials can also be opened at any of eleven full-service Florida branches located in Belleaire Bluffs, Bradenton, Clearwater, Pinellas Park, St. Petersburg, Sarasota (2), Seminole, and Tampa (3).
CD Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, or check.
- Ownership – Individual, joint, or trust.
- Interest – Compounded daily/credited monthly; cannot be withdrawn penalty-free.
- Early Withdrawal Penalty – one-half of the term’s interest, whether earned or not.
- Maturing Funds – Cashier’s check or internal transfer to a FirstBay liquid account.
- Beneficiaries – Unlimited and percentages can be assigned, Social Security numbers required for all beneficiaries.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – ChexSystems
BayFirst National Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.15% (excellent) based on March 31, 2023 data. In the past year, the BayFirst has increased its total non-brokered deposits by $133.21 million, an excellent growth rate of 17.28%. Please refer to our financial overview of BayFirst National Bank (FDIC Certificate # 34997) for more details.
Founded in 1999 as First Home Bank, the BayFirst National Bank rebrand occurred in May 2022. Currently the 26th largest bank headquartered in Florida, BayFirst has assets in excess of $1 billion and more than 15,000 customer accounts. According to a July 2023 press release,
Roughly 16 months after it became the first financial institution to operate in the heart of Newtown, BayFirst National Bank has officially become a permanent fixture in the community. The St. Petersburg-based community bank recently purchased the building it has rented at 1782 Dr. Martin Luther King Way since January 2022, with plans to convert the loan production office (LPO) and financial resource center into a full-service banking center, under the continued direction of Business Development Specialists and Newtown area natives Joe McKenzie and Carlos Yancy.
“The success of our LPO and financial resource center has been unprecedented, and the purchase of our building is an exciting next step as we continue to look for new and more impactful ways to support this community,” said BayFirst Market President and Chief Lending Officer Tom Quale. “We look forward to better assisting residents and business owners by expanding the services and products available to them as a full-service branch and further ingraining ourselves in the community through increased partnerships and support.”
How the 14-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the BayFirst National Bank 14-Month CD Special. The following table compares the 14-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
How the 8-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the BayFirst National Bank 8-month CD Special. The following table compares the 8-month CD Special 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 8/11/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.