Mercantil Bank Ups 60-Month Online CD To 3.50% APY

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Deal Summary: 60-month Online CD, 3.50% APY, $500 min/$250k max deposit of new money, with $500k maximum deposit per customer.

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

More than a year ago, Mercantil Bank began offering Online CDs to all Florida and Texas residents. Over the weekend, the rate on the 60-month Online CD was raised to 3.50% 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50%$500$250kMercantil Commercebank60 Month Online CD - New Money
Rates as of November 16, 2018.

Mercantil Bank also offers the 60-month as a Smart CD that must be opened in-branch. The 60-month Smart CD earns a lower 3.40% APY and requires a $10k minimum deposit of new money.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.40%$10k$500kMercantil Commercebank60 Month Smart CD - Florida (New Money)
Rates as of November 16, 2018.

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

Thanks to DA reader, louann, for the Forum post about this new rate.

Relationship Money Market Account

Mercantil Bank has a new Relationship Money Market Account (RMMA), which earns 2.25% APY on balances of $100+ when paired with a Relationship Interest Checking Account (RICA). Mercantil Bank’s standard MMA rate is currently 1.55% APY ($25k+) in both Florida and Texas.

The RMMA requires an initial $100 minimum deposit and must be opened in-branch. There is limited check writing available (standard six per month), with a "$10 per withdrawal or transfer in excess of 6 per statement cycle."

According to the Savings Account Options at a Glance chart, there is a $150 monthly service fee, which can be avoided “with a positive balance" in the RICA. You might be thinking, '$150 monthly service fee? – must be a typo.' That’s what I thought when I first read it, but three different CSRs at three different branch locations confirmed that the $150 is correct.

The Relationship Interest Checking Account can be opened with a minimum $100 deposit and earns 0.10% APY on balances of $100+. There is a $35 monthly service fee, which will be waived if the following conditions are met:

$50,000 combined monthly average balance in other deposit, loan or Mercantil Investment accounts (excludes time deposit balances) AND

Monthly Direct Deposit OR 10 transactions per statement cycle

Availability

Headquartered in Coral Gables, Florida, Mercantil Bank's market area includes 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.

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

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.

Mercantil Bank 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 Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.42% (excellent) based on June 30, 2018 data. Mercantil Bank has an above average capitalization level (10.18%), the result of holding $8.52 billion in assets with $867.11 million in equity. Please refer to our financial overview of Mercantil Bank (FDIC Certificate # 22953) for more details.

Mercantil Bank 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 and acquired the Houston-based First Texoma Bank three years later. Currently Florida’s seventh largest bank, the Bank rebranded as Mercantil Bank, National Association in January 2018.

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 Bank’s 60-month Online CD APY currently ranks second.

The above rates are accurate as of 10/1/2018.

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

Related Pages: Miami money market accounts, West Palm Beach money market accounts, Houston money market accounts, money market accounts, checking accounts, 5-year CD rates

Comments
Att
Att   |     |   Comment #1
To bad NASA FCU no longer has the 15 month 3.25% CD.
Ann
Ann   |     |   Comment #2
Good grief, those fees are insane.
dave
dave   |     |   Comment #3
12 months EWP is standard for most 5 year CD's.
Mercantil Commercebank (FL/TX) Has 60-Month Smart CD
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...

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Mercantil Commerce Bank (FL/TX) Ups 36-Month Online CD
Deal Summary: 36-month Online CD (2.60% APY), 12-month Online CD (2.05% APY), new money, $500 min/$250k max per CD, $500k max per customer.

Availability: Online market area includes all of Florida and Texas.

In August 2017, Mercantil Commercebank began offering two Online CDs (12- and 36-month) to all residents of Florida and Texas. Both Online CDs had a small rate increase (7bps) in October and a substantial increases (23 and 27 bps) in early January, resulting in top APYs within the market area. Earlier this week,...

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Mercantil Commercebank (FL/TX) Ups Online CD Rates
Deal Summary: 12-month Online CD (2.05% APY), 36-month Online CD (2.40% APY), new money, $500 min/$250k max per CD, $500k max per customer.

Availability: Online market area includes all of Florida and Texas.

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...

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Mercantil Commercebank (FL/TX) Now Offers Online Smart CDs

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.

Availability: Online market area includes all of Florida and Texas.

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...

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Mercantil Commercebank (FL/TX) Adds More Smart CD Specials

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

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

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)

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