Rates have fallen at Broward Bank of Commerce since my last post in April, but the bank's 3-year CD and IRA CD rate remains very competitive with a 1.92% APY. The other terms are not quite as competitive. The best ones include a 2.02% APY 4-year CD and a 2.12% APY 5-year CD. Minimum deposit is $1,000. These rates are listed in the bank's rate sheet as of 8/25/2011.
The bank's money market account used to be more competitive when I reported on it last year. Now it's mostly a good deal only if you have a very large balance. The current rate for a $100K balance is 1.00% APY. It goes up to 1.35% APY for a $1M balance. These rates are also listed in the bank's rate sheet as of 8/25/2011.
Broward Bank of Commerce office is located in downtown Fort Lauderdale.
It's a new one-office bank that was established in January 2009. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 0% (excellent) based on June 2011 data. Please refer to our financial overview of Broward Bank of Commerce for more details. It has been a FDIC member since it was established (FDIC Certificate # 58813).
How this CD Rate Compares
It's hard to find 3-year CD rates over 2.00%. There is still one that's nationally available. It's a web CD with a 2.08% APY at University FCU. For a bank, the best rate is 1.90% APY at Airbanking. The other option is to choose a longer term CD which can have a higher yield even if you close the CD at 3 years. My latest discussion of the benefits and risks of this is in my post, Long-Term CD Strategy Review.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.