Mercantil Commercebank (FL/NY/TX) Offers Smart CDs


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

Florida-based Mercantil Commercebank, National Association (Mercantil Commercebank) is promoting a series of “Smart CDs”: 10-month, 1.20% APY; 18-month, 1.25% APY; and 24-month, 1.40% APY. The minimum opening deposit for any of the Smart CDs is $10k of new money, with a balance cap of $500k.

Of the three, the 10-month Smart CD is the most competitive. When I spoke to CSR, I asked what was “smart” about the Smart CDs. CSR replied that it was smart to open one of these CDs.

According to CSR, the EWP for the 10-month Smart CD is 3 months interest and 6 months interest for the 18- and 24-month Smart CDs.


Headquartered in Coral Gables, Florida, Mercantil Commercebank has three separate market areas - South Florida, New York City, 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.

Opening any type of account requires an in-person visit to any of 17 Florida branches located in Aventura, Coral Gables, Doral (2), Fort Lauderdale (2), Hialeah (2), Lake Worth, Miami (6), Parkland, and Weston. Mercantil Commercebank also has one New York City branch, and seven Houston area branches.

Mercantil Commercebank’s online banking platform is limited to account management and bill payment services.

Bank Overview

Mercantil Commercebank (FDIC Certificate # 22953) has an overall health grade of "B+" at, with a Texas ratio of 5.90% (excellent) based on March 31, 2016 data. In the past year, First Green Bank has increased its total deposits by $138.57 million, an above average annual growth rate of 2.17%. Please refer to our financial overview of Mercantil Commercebank 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 1900, 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 4th largest bank with assets in excess of $7.9 billion.

How the CD Compares

When compared to the 67 similar length-of-term tracked by that are available to residents in South Florida, Mercantil Commercebank’s 10-month Smart CD APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 8/17/2016.

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

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