UPDATE 8/18/2016: The guaranteed six month rate is not 1.00% APY for all tiers, as suggested by the non-specific wording on the promotion page. The rate guarantee is for the current rate tiers, which I have list below.
In May, I wrote about Florida Community Bank’s (FCB) four-month guaranteed 1.20% APY promotional rate on its Personal and Personal High Yield Money Market accounts. The promo has ended but FCB is currently featuring a new Money Market guaranteed rate and Cash Back combo now through September 30, 2016.
FCB Weather Forecasts Calls For … Raining Money!
How the Cash Back Bonus Works
$100 bonus on balances of $10k+, which currently earns 0.40% APY
$250 bonus on balances of $50k+, which currently earns 0.50% APY
$500 bonus on balances of $100k+, which currently earns 0.75% APY
$1,000 bonus on balances of $250k+, which currently earns 1.00% APY
- Offer expires September 30, 2016.
- Limit one account promotional Cash Back Bonus per household.
- Opening deposits must be new funds.
- Promotion excludes Budget Checking, VEP Colleague Checking and Resident Program Checking accounts.
- $5 excessive transaction fee for each transaction in excess of six per month.
Many thanks to DA reader, tommyn, for his Forum post about the Money Market promo.
Headquartered in Weston, Florida Community Bank promotes itself as "being the pre-eminent Florida Based, Florida Focused Bank," with a market area that covers most of Central and South Florida.
Opening an account at FCB requires an in-person visit to any of 48 Florida branches located along both coasts, from Naples to Tampa, and Miami to Ormond Beach.
At this time, FCB’s online banking capabilities are limited to account management and bill payment services.
Florida Community Bank, (FDIC Charter # 58991) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 8.81% (excellent), based on March 31, 2016 data. In the past year, Florida Community Bank has increased its total deposits by $1.67 billion, an excellent annual growth rate of 39.31%. Please refer to our financial overview of Florida Community Bank for more details.
Florida Community Bank’s roots go back to 1923 when it was the first bank established in Collier County at the southern end of Florida’s Gulf Coast. FCB was purchased in early 2010 by Bond Street Holdings, Inc., a Miami based holding company with $740M+ in capital. Over the next 14 years, FCB acquired nine Florida banks and is now the 5th largest bank in Florida, with assets in excess of $7.6 billion.
How the MMA Cash Back Bonus Compares
If only the APY is considered, Florida Community Bank’s Personal High Yield Money Market Account isn’t that impressive, as there are seven other MMAs earning between 1.08% and 1.26% APY available within the Bank’s market area; the real value is in the Cash Bank Bonus.
|MMA Balance||Interest + Bonus||Approximate APY|
The above rates are accurate as of 8/18/2016.