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.