Deal Summary: 12-month Smart CD, 1.61% APY; 36-month Smart CD 2.10% APY; new money; $500 min/$250k max per CD; $500k max per customer.
For the first time, Mercantil Commercebank is offering online Smart CDs to all residents of Florida and Texas. The current offerings are the 12-month Smart CD (1.61% APY) and 36-month Smart CD (2.10% APY). New money is required, with a $500 minimum deposit and $250k maximum per CD; there is a $500k maximum deposit per customer.
|1.67%||$500||$250k||Mercantil Commercebank||12 Month Smart CD - online only|
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.
The “smart” in the Smart CDs remains a mystery. So far, I’ve been told three different versions of what the name means:
1. "It is smart to open one of these CDs,"
2. "That’s just a title we made up," and most recently,
3. "Smart, as is in fashionably smart."
Thanks to DA reader, blakeb, who saw the Smart CDs advertised in the Orlando Sentinel and shared the information in a Forum post.
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.
Opening either of these Smart CDs must be done online.
Since I last wrote about Mercantil Commercebank, its online banking platform has been expanded from the previous account management/bill payment tool. There’s even a short video guide that walks you through the 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 7.27% (excellent) based on March 31, 2017 data. Mercantil Commercebank has an above average capitalization level (10.25% APY), the result of holding $8.38 billion in assets with $859.33 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 $8.3 billion.
How the Smart CDs Compare
When compared to the 233 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 Smart CD APY currently ranks first.
When compared to the 225 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 Smart CD APY currently ranks second.
The above rates are accurate as of 9/4/2017.