Update 1/5/2011: These CD specials are no longer available.
Iberia Bank has two competitive CD specials at its southeast Florida branches. The first is a 1.25% APY 13-month CD, and the other is a 1.50% APY 30-month CD. Minimum deposit is $1,000. These are not listed at the bank's website. A reader emailed me info on these, and I called some of the branches for more details. One thing that adds complications is that the rates can vary by branch and by location. These special rates appear to only be available at Iberia Bank's southeast Florida branches. I verified them at the Fort Lauderdale and West Palm Beach branches as of 9/13/2011. The Fort Lauderdale rep said they required a checking or money market account to qualify for these special rates. However, the West Palm Beach rep said a relationship wasn't required. A branch visit is required.
The rates at branches in southwest Florida are much lower. The 13-month CD APY is only 1.00% and the 30-month APY is 1.31%. I also called a Houston Texas branch, and its 13-month CD APY was even lower at 0.60%. So if you have an Iberia Bank branch in your area, be sure to call for the latest rates.
In addition to Florida and Texas, Iberia Bank branches are located in Louisiana, Arkansas, Tennessee and Alabama.
It's a sizable bank with $11.36 billion in assets. It has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 61.13% (below average) based on June 2011 data. Please refer to our financial overview of Iberia Bank for more details. The bank has been a FDIC member since 1935 (FDIC Certificate # 28100).
How These CD Rates Compare
The best nationally available 12-month CD rate is 1.30% APY at Alliant Credit Union. You can get a higher rate of 1.50% APY at Connexus Credit Union, but this requires an active checking account. For a bank, the best 1-year CD rate is 1.21% APY at AloStar Bank. These rates are accurate as of 9/13/2011.
Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.