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

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.40%$10k-MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION24 Month Smart CD Special
1.25%$10k-MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION18 Month Smart CD Special
1.20%$10k-MERCANTIL COMMERCEBANK, NATIONAL ASSOCIATION10 Month Smart CD Special
Accounts mentioned in this post. Rates as of August 15, 2016.

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.

Availability

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 DepositAccounts.com, 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 DepositAccounts.com that are available to residents in South Florida, Mercantil Commercebank’s 10-month Smart CD APY currently ranks first, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
1.20% APY10-Month Smart CD ($10k min)Mercantil Commercebank
1.01% APY9-Month CD ($25k min)Total Bank
0.90% APY9-Month CD ($1k min)Triumph Savings Bank

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.

Comments
5.70% 5-Month CD at a FL/NY/TX Bank (Commercebank)
Commercebank is offering a special 5.70% APY 5-month certificate of deposit. The minimum deposit is $1,000, and it requires opening their Optima Checking Account. It's a free checking account with no direct deposit requirements.

This CD special doesn't seem to be listed on the bank's website. A reader mentioned seeing it in a Sun Sentinel ad. I called this morning for more info. It just started last Friday so it should last for awhile. I was told that it's available at all of their branches which not only includes several in...

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5.75% 3-Month CD at a FL/TX/NY Bank (Commercebank)
Commercebank is offering a 5.75% APY 3-month certificate of deposit. The minimum is $1,000 with no maximum limit. It requires opening an Optima checking accout which is a free checking with no monthly fees or balance requirements. This special isn't listed at the bank's website. Credit for this find goes to the FW CD thread. I called for additional details and was told that this promotion starts today and will likely last at least 2 to 3 weeks.

The CSR mentioned that you must visit a branch to open this CD....

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