A year ago this week, I reported that BAC Florida Bank had raised the rates on its 12-month Internet Time Deposit (CD) and 12-month Jumbo Internet Time Deposit.
Twelve months later, the Bank has a new name, My e-BAnC by BAC Florida Bank, and has once again raised the rates on its nationally available 12-month Internet CD (1.25% APY) and 12-month Jumbo Internet CD (1.30% APY).
In the past 15 months, both the 12-month Internet CD and 12-month Internet Jumbo CD have experienced eight rate hikes, resulting in increases of 20 and 23 basis points respectively.
|1.24%||$1,500||-||My e-BAnC by BAC Florida Bank||BAC Internet Time Deposit 12 Months|
|1.24%||$100k||-||My e-BAnC by BAC Florida Bank||BAC Internet Time Deposit 12 Months Jumbo|
The minimum deposit for the 12-month Internet CD is $1,500 and $100K for the 12-month Jumbo Internet CD, with no balance cap for either. The Early Withdrawal Penalty for both CDs is three months interest.
Headquartered in Coral Gables' Miracle Mile area, My e-BAnC by BAC Florida Bank offers its services and extensive product line to anyone in the U.S. through the internet.
My e-BAnC by BAC Florida Bank’s online application to open a CD is time sensitive, so I have not provided a direct link.
If you prefer a face-to-face experience, My e-BAnC by BAC Florida Bank’s sole brick-and-mortar branch is located in Coral Gables, but the Internet Time Deposits and Internet Time Jumbo Deposits must be opened online.
My e-BAnC by BAC Florida Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.25% (excellent), based on September 30, 2015 data. In the past year, My e-BAnC by BAC Florida Bank has increased its total deposits by $160.32 Million, an excellent annual growth rate of 13.29%. Please refer to our financial overview of My e-BAnC by BAC Florida Bank for more details.
Established in 1973, My e-BAnC by BAC Florida Bank (FDIC Certificate # 21265) is part of The Pellas Group in Nicaragua. Located in Coral Gables, My e-BAnC BAC Florida Bank is the 20th largest bank in Florida, with assets in excess of $1.7 Billion. While the majority of My e-BAnC by BAC Florida Bank’s customers live abroad (mainly in Latin America), its product line and services are available to virtually all customers in the U.S.
How the CDs Compare
When compared to the 128 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available nationally, My e-BAnC by BAC Florida Bank’s 12-year Internet Time Deposit currently ranks fourth. At this time, there are eight different institution that offer a 1-year CD earning 1.25% APY.
The above rates are accurate as of 12/5/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.