Florida Community Bank Offers 90-Day Rate Guarantee on MMA

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Availability: Central and South Florida

About two weeks ago, Florida Community Bank’s (FCB) introduced its Raining Money promotion, a Money Market guaranteed rate and Cash Back combo available through September 30, 2016.

I discussed the particulars of the Raining Money promotion in detail in my August 18 blog post, but it's basically a six-month rate guarantee on FCB’s Personal High Yield Money Market Account, plus a Cash Back bonus at the end of the six months, if requirements (including a checking relationship) are met.

Surprisingly enough, FCB has announced another limited-time Money Market promotion, which is running concurrently with the Raining Money promo. The details on this new promo are:

  • 1.20% APY on all deposits of $10k+ (new money).
  • Rate guarantee of 90 days from account opening.
  • Only valid on new Personal High Yield Money Market accounts with a minimum $10k opening deposit.
  • Offered now through September 30, 2016.
APYMINMAXINSTITUTIONPRODUCTDETAILS
1.20%$10k-Florida Community Bank, N.A.Personal High Yield Money Market Promo (First 90 Days)
Accounts mentioned in this post. Rates as of September 30, 2016.

Unlike the Raining Money promo, this 90-day rate guarantee promotion does not require a checking relationship or other special requirements to earn the stated APY – just deposit at $10k of new money and earn 1.20% APY for 90 days.

The fine print on the promotion page concerning what the rate(s) would be following the 90-day guarantee is confusing, since all balances tiers of $10k+ list 1.20% APY as the “prevailing rate for this account … as of August 29, 2016.” FCB does not list any rates on its website, so I called for clarification. According to CSR, since FCB’s “rates are subject to change, the prevailing rate will not be known until the 90-day guarantee expires.”

Thanks to the DA reader who emailed about this new promotion. If you see a new product, special rate, or promotion that might be of interest to the DA community, please feel free to contact me.

Availability

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 49 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.

Bank Overview

Florida Community Bank, (FDIC Charter # 58991) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.37% (excellent), based on June 30, 2016 data. In the past year, Florida Community Bank has increased its total deposits by $2 billion, an excellent annual growth rate of 44.81%. 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 $8 billion.

How the MMA 90-Day Rate Guarantee Compares

When compared to the 160 Money Market Accounts tracked by DepositAccounts.com that are available to South Florida residents, Florida Community Bank’s Personal High Yield Money Market APY currently ranks fourth, regardless of minimum deposit.

Interest RateAccount NameCredit Union/Bank
1.26% APYOptimum Money Market Special ($10k min)Popular Community Bank
1.25% APYMega Money Market (no min/$35k max)All America Bank
1.20% APYPersonal High Yield Money Market ($10k min)Florida Community Bank

Another way of looking at this 90-day rate guarantee would be a comparison to short-term CDs. When compared to the 126 similar length-of-term CDs tracked by DepositAccounts.com that are available to South Florida residents, Florida Community Bank’s Personal High Yield Money Market APY currently ranks first, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
1.20% APY 90-Day Personal High Yield Money Market ($10k min)Florida Community Bank
1.06% APY3-Month Term Savings CD ($1k min)Quorum Federal Credit Union
0.81% APY3-Month CD ($10k min)EH National Bank

The above rates are accurate as of 9/1/2016.

To look for the best Money Market rates, both nationwide and state specific, please refer to our Money Market rates table or our Rates Map page.

Comments
Florida Community Bank "Rains" Money With MMA Cash Back Bonus

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.

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