2.50% 12-Month CD & 2.10% 6-Month CD at Colonial Bank (FL, TX, ...)

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Update 7/05/09: These special CD rates have fallen. July 5th newspaper ads are showing a 2.25% APY 12-month CD and a 2.00% APY 6-month CD.

Colonial Bank has started advertising some very competitive short-term CD rates. These include a 2.10% APY for 3- and 6-month terms, and a 2.50% APY for a 12-month term. Minimum deposit is $500. The 6- and 12-month promo CDs can also be opened in an IRA. One nice thing about this CD special is that there's no checking account requirement.

These rates are not listed at Colonial Bank's website. I had noticed these were advertised in Tampa and in Southeast Florida. I just called and verified that these rates are valid as of today (6/29/09). I also verified that they're available in Texas in addition to Florida. The rates may vary by location, so I recommend calling them at 877-502-2265 to verify the rates in your area. A branch visit is required to open an account. Branches are located in Florida, Texas, Nevada, Georgia and Alabama. A few of the major cities that have branches include Austin, Dallas, Panama City, Orlando, Fort Lauderdale, Miami, Tampa, Fort Myers, Las Vegas, Reno, Birmingham, Montgomery, Macon and Atlanta.

Financial Overview

Colonial Bank has been having financial troubles. Earlier this month it was reported that the FDIC had issued Colonial Bank a cease and desist order with various demands including for it to raise its risk-based capital ratio. More details are described in this Tampa Bay Business Journal article. Colonial Bank's ratings for safety and soundness have also fallen in the last few months. It now has a 1 star (troubled) at BauerFinancial (based on 3/31/09 data) and 1 star (lowest) at Bankrate.com (based on 12/31/08 data). As I recommend with any bank, it's best to stay under the FDIC limits. The bank has been a FDIC member since 1934 (FDIC Certificate # 9609).

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Comments
Future Are Here
Future Are Here (anonymous)   |     |   Comment #1
good information and helpful content
thanks
Anonymous
Anonymous   |     |   Comment #2
July 5 paper has Colonial ad with lower rates - 12 mo is now 2.25 APY,
6 mo is now 2.00 APY.
2.75% 12-Month CD & 2.60% 6-Month CD at Colonial Bank in FL, GA, Al, TX & NV
Update 4/21/09: The CD rates have fallen. The 12-month CD rate has been reported to have fallen to 1.75% APY. Please contact Colonial Bank for the latest rates in your area.

Colonial Bank continues to offer competitive rates on its CD specials. The latest special includes a 2.75% APY 12-month CD and a 2.60% APY 6-month CD as of 4/09/09. Minimum deposit is $500. These rates are not listed at Colonial Bank's website. My last post on Colonial Bank's specials was in March, and I just called to see how the...

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3.00% 24-Month CD & 2.75% 11-Month CD Continue at Colonial Bank (FL, TX, ...)
Update 4/21/09: The CD rates have fallen. The 12-month CD rate has been reported to have fallen to 1.75% APY. Please contact Colonial Bank for the latest rates in your area.

Colonial Bank continues to offer the CD special that I first reported on two weeks ago. As of 3/23/09, the rates include 3.00% APY for 24 months and 2.75% APY for 11 months. These rates were advertised yesterday (3/22/09) in several Florida newspapers. One of those ads is available online here. I called Colonial Bank today and confirmed these also...

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3.00% 24-Month CD & 2.75% 11-Month CD at Colonial Bank (FL, TX, ...)
Colonial Bank is offering some competitive rates on its CD specials, and unlike other banks' CD specials, Colonial doesn't require a checking account. As of 3/09/09, these special CD rates include a 2.60% APY for 6 months, 2.75% APY for 11 and 12 months, 2.80% APY for 18 months and 3.00% APY for 24 months. Minimum deposit is $500, and these are also available in an IRA. These rates don't appear to be listed at Colonial Bank's website.

These rates may vary based on your state. I saw this special advertised...

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3.75% 17-Month CD at Colonial Bank in AL, GA, FL, TX & NV
Colonial Bank is offering a 3.75% APY 17-month CD special. Minimum deposit is $500. No checking is required. This special is not listed at the bank's website. I just called to check the latest rates. According to the CSR, it's available at all of their branches as of 1/07/09. It just started last Friday so she expected it to last for at least a couple of weeks. But with today's rate environment, there's no guarantee. There's also a 12-month CD with an APY of 3.19%.

My last post on Colonial was...

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4.00% 24-Month CD at Colonial Bank in AL, GA, FL, TX & NV
Update 1/07/09: This CD special has ended. Please check with the bank for the latest rates.

Colonial Bank is offering a 4.00% APY 24-month CD special. Minimum deposit is $500. No checking is required. This special is not listed at the bank's website. A reader mentioned this, and I just called for additional info. According to the CSR, it's available at all of their branches as of 12/31/08. She didn't know how long this would last. It has been available since late November. With dropping rates, this 4% 24-month CD is...

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