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.
|3.00%||$10k||$500k||Mercantil Commercebank||60 Month Smart CD - Florida (New Money)|
|2.75%||$10k||$500k||Mercantil Commercebank||48 Month Smart CD - Florida (New Money)|
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.
|2.40%||$500||$250k||Mercantil Commercebank||12 Month Online CD - New Money|
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.
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 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.
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.
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.
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.
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.