3.55% 7-Month CD & 3.75% 13-Month CD at Ocean Bank in South Florida

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Ocean Bank is offering a CD promotion with two competitive rates: 3.55% APY for a 7-month term and a 3.75% APY for a 13-month term. Minimum deposit is $2,500. These also available in an IRA. These specials don't seem to be listed on the bank's website. A reader commented on these, and I contacted the bank today and verified that these are available as of 1/06/09. The CSR said that rate can change at anytime.

A branch visit appears to be required to open accounts. Branches are located in Miami-Dade and Broward County.

My last post on Ocean Bank was in early December when these rates were in the mid-4-percent range. Like all other banks, the rates have fallen, but they're still very competitive.

Ocean Bank has been hit hard in the real estate slump and credit crisis. This Miami Herald article reported in late December that Ocean Bank's parent signed a deal with Federal Reserve relating to the levels of capital and the reserve set aside to cover bad loans. Also, Ocean Bank has applied for $87 million under TARP.

Ocean Bank's financial ratings for soundness are weak: 0 stars (lowest) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both are based on 9/30/08 data. As I recommend with any bank, it's best to stay under the FDIC limits. Also note that the new $250K FDIC coverage limit is scheduled to end at the end of 2009. Ocean Bank has been FDIC insured since 1982 (FDIC Certificate # 24156).

Thanks to the reader who mentioned this CD promotion in the finding-the-best-deals post.
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4.40% 7-Month CD & 4.50% 13-Month CD at Ocean Bank in South Florida
Ocean Bank is offering a CD promotion with two competitive rates: 4.40% APY for a 7-month term and a 4.50% APY for a 13-month term. Minimum deposit is $2,500. These specials don't seem to be listed on the bank's website. A reader emailed me news of these, and I contacted the bank today and verified that these are available as of 12/08/08. The CSR said that rate can change at anytime.

A branch visit appears to be required to open accounts. Branches are located in Miami-Dade and Broward County.

Ocean Bank...



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Money Market Account and CD Specials at Ocean Bank in Florida
Update 11/17/08: These specials appear to have ended. Please check with the bank for the latest specials and rates.

Ocean Bank has updated its promotion page to include the CDs that I reported on in this post from two weeks ago. The two competitive CDs include a 4.75% APY 13-month CD and a 4.40% APY 7-month CD. The minimum deposit is $2,500.

One thing that's new is a money market account special that guarantees a yield of 3.50% APY through 4/15/09. The minimum opening deposit is $2,500. The minimum balance required to...



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4.75% 13-Month CD at Ocean Bank in South Florida
Ocean Bank is offering a special 4.75% APY 13-month CD. The minimum deposit is $2,500. This 13-month special doesn't seem to be listed at Ocean Bank's website. A reader mentioned it, and I sent the bank an email for additional details yesterday. From the email I received today, they're offering 4 specials:

Term APY
7 months: 4.40%
11 months: 3.56%
12 months: 4.40%
13 months: 4.75%

Note, Ocean Bank does have a CD promotion page listing the 7- and 12-month CD specials. The 7-month...







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4.01% 10-Month CD at a South Florida Bank (Ocean)
Ocean Bank is offering a special 4.01% APY 10-month CD. The minimum deposit is $2,500, and there's no maximum deposit. This special doesn't seem to be listed at the bank's website. A reader mentioned it, and I just called for additional details. I was told that there are no special requirements such as a checking account. The CSR did not know how long it will last.

Branches are located in Miami-Dade and Broward County. The bank has been FDIC insured since 1982 (FDIC Certificate # 24156).

Thanks to the reader who...



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5.65% 11-Month CD at a South Florida Bank (Ocean Bank)
Ocean Bank is offering a special 5.65% APY 11-month certificate of deposit. The minimum deposit is $2,500. A reader mentioned seeing this special advertised in yesterday's Sun-Sentinel newspaper. It doesn't seem to be listed on the website. I called for further details. I was told it's avaialble at all of its branches. There are no checking account requirements. It's also available as an IRA CD. It appears it does require a branch visit.

Branches are located in Miami-Dade and Broward County.

One interesting thing to note is this press release. Ocean...



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