Competitive CD and Money Market Rates at Flagler Bank in South Florida - Local Only


1.20%$500-Flagler Bank48 Month CD
1.20%$500-Flagler Bank48 Month IRA
1.15%$500-Flagler Bank36 Month CD
1.15%$500-Flagler Bank36 Month IRA
Accounts mentioned in this post. Rates as of October 27, 2016.

If you're looking for competitive CD rates in your local area, you are probably not going to find them at the big banks. You are more likely to find them at community banks or credit unions. That's the case for South Florida. One community bank in South Florida with noteworthy CD rates is Flagler Bank. Its two best CD and IRA CD yields are 1.60% APY for 4 years and 1.45% APY for 3 years. Minimum deposit is $500, and the early withdrawal penalty is equal to 6 month’s interest on the amount withdrawn. These rates are listed in the bank's CD rates page as of 10/30/2012.

Flagler Bank also has a competitive rate for large balances on its tiered-rate money market account. The top tier has a 0.90% APY for a $100K minimum balance. A minimum balance of $2,500 is required to avoid a $15 monthly service fee. This yield is listed in the bank's deposit rates page as of 10/30/2012.

Flagler Bank branches are located in West Palm Beach and North Palm Beach, Florida. The bank just recently closed its branch in Fort Lauderdale.

One potential downside with community banks offering high rates is that it can be a sign of weak financial health. However, if you keep under the FDIC coverage limits, the only risk with a CD is that you'll lose the high rate if the bank should happen to fail (the CD becomes like a callable CD). If you keep under the FDIC limits, there's no risk to principal and accrued interest.

Flagler Bank's financial health is a little weak, but it has improved over the last year. It has an overall health score at of 3 stars (out of 5) with a Texas ratio of 88.69% (poor) based on June 2012 data. In June 2011 the Texas ratio was much worse at 169.83%. Please refer to our financial overview of Flagler Bank for more details. In 2009, the Federal Reserve issued a written agreement against the bank, and that agreement is still in effect as of 10/30/2012. The bank has been a FDIC member since 2000 (FDIC Certificate # 35218).

How These CD Rates Compare

As I mentioned above, you are unlikely to find better rates at large banks. One of the few exceptions is BBVA Compass which is still offering a 2% APY 5-year CD. Even though BBVA Compass has branches in Florida, it requires new customers to live near where they have branches. Most of BBVA Compass branches are in North Florida.

There are usually fewer financial health issues with credit unions, but you may have more trouble qualifying for membership. That's the case with South Florida FCU which currently has a special 1.25% APY 1-year CD, but many in South Florida may not be able to qualify.

One community bank in North Florida is currently offering very competitive CD rates that can be opened online from any state. That's Citizens State Bank, and its 4-year CD yield of 1.77% is the highest that's nationally available for a 4-year term. The highest from an all-access credit union is 1.71% APY at Andrews FCU and at Melrose Credit Union. The highest from an internet bank is 1.61% APY at Nationwide Bank.

These rates are accurate as of 10/30/2012.

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Competitive CD Rates Continue at Flagler Bank in Southeast Florida - Local Only

Flagler Bank continues to offer competitive short- and mid-term CD rates. The rates have fallen a little since my April post. The best rates include a 2.10% APY 24-month CD, a 1.75% APY 18-month CD, a 1.50% APY 12-month CD and a 1.30% APY 6-month CD. Minimum deposit is $500, and these rates also apply to business CDs. The 1-year and 2-year terms are also available in an IRA. These rates are listed at the bank's rates page as of the morning of 5/13/2010.

It appears a branch visit is required...

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Competitive CD Rates at Flagler Bank in Southeast Florida - Local Only

Flagler Bank is offering a few competitive CDs. The best one has a 2.25% APY for a 24-month term. Also competitive is the 6-month CD which has a 1.44% APY. Minimum deposit is $500, and these rates also apply to business CDs. The 2-year term is also available in an IRA. These rates are listed at the bank's rates page as of the morning of 4/07/2010.

It appears a branch visit is required to open an account. Branches are located in the South Florida cities of West Palm Beach, North Palm...

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