Last week, Banco do Brasil Americas (BB Americas) added 90 bps to both its Promo CDs, with the 1-year earning 2.25% APY and the 2-year earning 2.50% APY. The Promo CDs require a minimum deposit of $1k of new money. According to the fine print on the Rates page, “Internal transfers are not accepted to open a new CD with the promotional rates.”
As stated in the e-CD FAQs, the Early Withdrawal Penalty reads as follows:
Accounts closed before 12 months: The penalty fee will be an amount equal to 90 days interest earned on the amount withdrawn. Accounts closed after 12 months: The penalty fee will be an amount equal to 180 days interest earned on the amount withdrawn.
Headquartered in Miami, Banco do Brasil Americas offers a portion of its product line to all U.S. citizens and residents alien, 18 years or older, with a valid Social Security number and a U.S. mailing address.
Opening a Promo CD with BB Americas can be done online or at any of five Florida branches, located in Aventura, Boca Raton, Lighthouse Point, Miami, and Orlando. e-CD, e-Classic Checking, and e-Money Market accounts can also be opened online.
The Online Account Opening FAQs state,
You may fund your e-CD by performing a wire transfer. Your account information
will be made available to you via encrypted e-mail, once your application is approved.
Banco do Brasil Americas has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.12% (excellent) based on December 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $90.55 million, an excellent annual growth rate of 21.16%. Please refer to our financial overview of Banco do Brasil Americas (FDIC Certificate # 26725) for more details.
BB Americas is part of the Brazil-based bank holding company Banco do Brasil S.A. BB Americas is currently the 37th largest bank headquartered in Florida, with assets in excess of $594 million. Originally founded in 1986 as the TransFlorida Bank of Palm Beach, the Bank changed its name to EuroBank in 1991. In 2012, the BB Americas rebrand occurred when Banco do Brasil S.A. expanded into the U.S. market.
How the CDs Compare
When compared to the 249 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Banco do Brasil Americas’ 1-year CD APY currently shares the top billing with My eBanc’s 12-months Online Time Deposit.
When compared to the 240 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Banco do Brasil Americas’ 2-year CD APY currently ranks fourth.
The above rates are accurate as of 4/16/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.