UPDATE 3/11/2017: Rate was increased to 1.35% APY.
Deal Summary: Money Market,
1.25% 1.35% APY guaranteed for 4 months, minimum deposit of $10k new money, checking relationship.
Now through March 31, 2017, Florida Community Bank (FCB) is offering a promotional rate of 1.35% APY on its Personal or Personal High Yield Money Market that is guaranteed for four months. This Make The Jump promotion requires a minimum opening deposit of $10k of new money and also has a checking relationship requirement.
First time FCB customer must open an FCB checking account
with a $5,000 opening balance to obtain promotional rate.
If a checking account is not opened, the promotional rate falls to 1.10% APY.
The stated APY is valid for the first four months following account opening. After that time, the APY will convert to the prevailing rate for the Personal and Personal High Yield Money Market accounts.
There is a limit of one Make The Jump promotion per household and cannot be combined any another other promotion.
The Personal and Personal High Yield Money Market accounts have a $5 fee per transaction in excess of the six allowed per month. More details about these accounts are available on FCB’s Savings Accounts page.
Thanks to DA reader, blakeb, 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 47 Florida branches located along both coasts, from Naples to Brookfield, 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, has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.00% (excellent), based on December 31, 2016 data. In the past year, Florida Community Bank has increased its total deposits by $1.62 billion, an excellent annual growth rate of 26.69%. Please refer to our financial overview of Florida Community Bank (FDIC Charter # 58991) 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 fourth largest bank in Florida, with assets in excess of $8.9 billion.
How the Personal High Yield MMA Promo Rate Compares
When compared to the 288 Money Market Accounts tracked by DepositAccounts.com that are available to Florida residents, Florida Community Bank’s Personal High Yield Money Market APY currently ranks first.
Another way of looking at this 4-month rate guarantee would be a comparison to short-term CDs. When compared to the 225 similar length-of-term CDs tracked by DepositAccounts.com that are available to Florida residents, Florida Community Bank’s Personal High Yield Money Market APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 3/10/2017.