My e-BAnC by BAC Florida Bank Increases Rates On 12-Month CD

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Availability: Internet bank

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.26%$100k-My e-BAnC by BAC Florida BankBAC Internet Time Deposit 12 Months Jumbo
1.25%$1,500-My e-BAnC by BAC Florida BankBAC Internet Time Deposit 12 Months
Accounts mentioned in this post. Rates as of October 1, 2016.

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.

Availability

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.

Bank Overview

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.

Comments
BAC Florida Bank Raises Rate On 12-month CD - Nationally Available

This week, BAC Florida Bank raised the rate on its nationally available, 12-month Internet Time Deposit (1.15% APY). The minimum opening deposit is $500, with no maximum balance cap. The Early Withdrawal Penalty (EWP) is three months interest.

This 12-month Internet Time Deposit (CD) is also offered as a Jumbo CD (1.17% APY) with a minimum opening deposit of $100K and no maximum balance cap. The EWP is also three months interest.

Availability

Headquartered in Coral Gables' Miracle Mile area, BAC Florida Bank...

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BAC Florida Bank is now offering several internet accounts, and the internet CDs have very competitive rates. The two best deals are a Jumbo 1-year CD with a 1.11% APY and a Jumbo 18-month CD with a 1.16% APY. Minimum deposit is $100,000. The yield for both terms is 1.06% for a $500 minimum deposit. These rates are listed at the bank’s Internet Jumbo Time Deposit page as of 5/22/2014.

BAC Florida also offers an internet checking account, savings account and money market account. However, these rates are not competitive...

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