Update 12/28/2011: CD rates have fallen.
It's difficult to find decent CD rates anywhere in the nation, but it's especially difficult in Florida. I'm always on the lookout for a bank or credit union with competitive CD rates in a large populated area of Florida. I found one today at Commerce National Bank & Trust which is located in the Orlando metro area. Its most competitive CD is a 2-year term which has a 1.51% APY. Minimum deposit is $500. Below is the full list of CD rates as of 9/28/2011:
- 1.01% APY 6-month & 1-year CD
- 1.26% APY 18-month CD
- 1.51% APY 2-year CD
- 1.76% APY 3-year CD
- 2.02% APY 4-year & 5-year CD
These rates are not listed at the bank's website. A reader emailed me about these CDs, and I called the bank for more details. I was told these rates may change in October. They have held up since I first posted on this bank in January 2011.
According to the bank rep, they do require that you come into the branch. However, you do not need to reside locally. Make sure to verify rates and qualifications with the bank before a long drive. It's a small bank with one office in Winter Park.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 33.78% (below average) based on June 2011 data. Please refer to our financial overview at Commerce National Bank & Trust for more details. The bank has been a FDIC member since 2003 (FDIC Certificate # 57429).
How These CD Rates Compare
Some of these CD rates are higher than the best bank CD rates that are nationally available. For example, the best 2-year and 3-year CD rates at banks are 1.35% APY at Aurora Bank and 1.65% APY at Doral Bank Direct. Higher rates are available at some all-access credit unions. One is Alliant Credit Union which currently offers a 1.70% APY 2-year CD and a 1.90% APY 3-year CD (minimum deposit of $25K). These rates are accurate as of 9/28/2011.
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.