Deal Summary: 36-month Smart CD, 2.00% APY (South Florida), 1.80% APY (Houston); 24-month Smart CD, 1.50% APY (South Florida), 1.40% APY (Houston); $10k min/$1m max; new money
DA reader, leemd, posted in the Forum about Mercantil Commercebank’s 24- and 36-month Smart CD Specials, which don’t appear on the Bank’s website. Like the Bank’s other Smart CDs, there are different rates for the South Florida and Houston market areas.
24-month Smart CD, 1.50% APY (South Florida), 1.40% APY (Houston)
36-month Smart CD, 2.00% APY (South Florida), 1.80% APY (Houston)
The minimum deposit is $10k of new money, with a balance cap of $1 million, although CSR did state that maturing Mercantil Commercebank CDs would be eligible for re-investment.
|1.50%||$10k||$1m||Mercantil Commercebank||24 Month Smart CD-Florida (New Money)|
|1.40%||$10k||$1m||Mercantil Commercebank||24 Month Smart CD-Texas (New Money)|
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 again to leemd for his Forum post.
Headquartered in Coral Gables, Florida, Mercantil Commercebank has two separate market areas - South Florida and Houston, Texas. The Bank's product line is available to U.S. citizens and resident aliens who have a valid U.S. taxpayer identification number.
Existing Mercantil Commercebank customers are able to open a Smart CD online by logging into their account.
New customers must visit to any of 16 Florida branches (located in Aventura, Coral Gables, Doral (2), Fort Lauderdale (2), Hialeah (2), Lake Worth, Miami (5), Parkland, and Weston), or any of seven Houston area branches to open a Smart CD.
Mercantil Commercebank has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 8.30% (excellent) based on December 30, 2016 data. Mercantil Commercebank has an above average capitalization level (10.13% APY), the result of holding $8.42 billion in assets with $853.36 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 fourth largest bank, with assets in excess of $8.4 billion.
How the Smart CD Compares
When compared to the 237 similar length-of-term CDs tracked by DepositAccounts.com that available to residents of South Florida, Mercantil Commercebank’s 36-month Smart CD APY currently ranks first, regardless of minimum deposit.
When compared to the 288 similar length-of-term CDs tracked by DepositAccounts.com that available to residents in the Houston area, Mercantil Commercebank’s 36-month Smart CD APY currently ranks fourth, regardless of minimum deposit.
The above rates are accurate as of 3/16/2017.