Mercantil Commercebank (FL/TX) Has 60-Month Smart CD (3.00% APY)

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Deal Summary: In-branch Smart CDs - 48-month (2.75% APY), 60-month (3.00% APY), $10k min. 12-month Online CD (2.15% APY), $500 min. All require new money, with $500k max per customer.

Availability: In-branch market area is South Florida and Houston metro area. Online market area includes all of Florida and Texas.

Mercantil Commercebank is once again offering good rates on its Smart CDs. Of the four listed on the website, the 48-month (2.75% APY) and 60-month (3.00% APY) are the most competitive. The Smart CDs requires a $10k minimum deposit of new money and are capped at $500k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$10k$500kMercantil Commercebank60 Month Smart CD - Florida (New Money)
2.75%$10k$500kMercantil Commercebank48 Month Smart CD - Florida (New Money)
Rates as of April 12, 2018.

According to CSR, the Early Withdrawal Penalty (EWP) for either the 48- or 60-month Smart CD is one year’s worth in interest.

About nine months ago, Mercantil Commercebank began offering two Online CDs (12- and 36-month) to all Florida and Texas residents. The 12-month Online CD rate was raised to 2.15% APY at the beginning of the week, with the 36-month Online CD 2.60% APY staying steady. New money is required to open an Online CD, with a $500 minimum deposit and $250k maximum per CD; there is also a $500k maximum deposit per customer.

CSR stated if a withdrawal is made within the first three months, the Early Withdrawal Penalty (EWP) for the 12-month Online CD would be all interest earned. If a withdrawal is made after the initial three months, the EWP is three months interest.

Availability

Headquartered in Coral Gables, Florida, Mercantil Commercebank's market area includes portions of Florida and Texas. The Bank's product line is available to U.S. citizens and resident aliens who have a valid U.S. taxpayer identification number.

The Smart CDs must be opened at in-branch at any of the 15 South Florida banking centers, or the seven Houston area banking centers.

The Online CDs are available to all residents of Florida and Texas through the Bank’s online application.

Mercantil Commercebank has a short video guide that walks you through the online application process.

Fully online application.

No need to visit any of our banking centers. Complete a simple
four-step process application using your computer, at your own pace.

Bank Overview

Mercantil Commercebank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.99% (excellent) based on December 31, 2017 data. Mercantil Commercebank has an above average capitalization level (10.61%), the result of holding $8.43 billion in assets with $893.98 million in equity. Please refer to our financial overview of Mercantil Commercebank (FDIC Certificate # 22953) for more details.

Mercantil Commercebank was founded in 1979 as The Gold Coast National Bank, with a single branch located in North Miami. The Bank was acquired by Mercantil in 1987, becoming Commercebank, National Association. Two Florida banks were acquired in 1990, growing the market area and increasing assets to nearly $200 million. The Bank expanded its footprint to Houston in 2002. Today, Mercantil Commercebank is Florida’s sixth largest bank, with assets in excess of $8.4 billion.

How the Online CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank's online market area, Mercantil Commercebank’s 12-month Online CD APY currently ranks fourth.

Interest RateCD Length of TermCredit Union/Bank
2.20% APY12-Month PurelyCDBankPurely
2.17% APY12-Month CDFirst Internet Bank
2.16% APY12-Month Online Promo CDM.Y. Safra Bank
2.15% APY12-Month Online CDMercantil Commercebank

How the Smart CDs Compare

When compared to the similar length-of-term CDstracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the Bank's online market area, Mercantil Commercebank’s 60-month Smart CD APY currently shares the top spot with several nationally available 5-year CD APYs.

Interest RateCD Length of TermCredit Union/Bank
3.00% APY60-Month Smart CD ($10k min)Mercantil Commercebank
2.87% APY60-Month iGOCD ($1k min)iGObanking
2.85% APY5-Year CDKS StateBank

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the Bank's online market area, Mercantil Commercebank’s 48-month Smart CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.94% APY48-Month Personal CD ($500 min)ConnectOne Bank
2.75% APY48-Month Smart CD ($10k min)Mercantil Commercebank
2.65% APY4-Year CD ($2.5k min)Live Oak Bank

The above rates are accurate as of 4/5/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Miami CD rates, West Palm Beach CD rates, Houston CD rates, 1-year CD rates, 5-year CD rates

Comments


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Availability: Market area includes South Florida and the Houston, Texas area.

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