About five months ago, Mercantil Commercebank began offering Online CDs to all residents of Florida and Texas. At this time, there are only two Online CDs available - 12-month (2.05% APY) and 36-month CD (2.40% APY). 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.
|2.40%||$500||$250k||Mercantil Commercebank||36 Month Online CD|
|2.05%||$500||$250k||Mercantil Commercebank||12 Month Online CD|
Since being added to the product line in August, the 12- and 36-month Online CDs have had two rate increases: a small one (7 bps each) in late October, and a substantial (37 and 23 bps, respectively) increase yesterday.
According to CSR, if a withdrawal is made within the first three months, the Early Withdrawal Penalty (EWP) would be all interest earned. If a withdrawal is made after the initial three months, the EWP is three months interest.
Thanks to DA reader who let me know about Mercantil Commercebank’s Online CDs.
Headquartered in Coral Gables, Florida, Mercantil Commercebank has two separate market areas: 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.
While Mercantil Commercebank’s branch locations are located in South Florida and the Houston metropolitan area, the Online CDs can be opened by all residents of Florida and Texas using 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.
Mercantil Commercebank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.29% (excellent) based on September 30, 2017 data. Mercantil Commercebank has an above average capitalization level (10.60%), the result of holding $8.49 billion in assets with $900.11 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. In 1990, two Florida banks were acquired, 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 CDs Compare
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 first.
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 36-month Online CD APY currently ranks first.
The above rates are accurate as of 1/16/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.