Ocean Bank (Florida) Adds 13-Month CD
Ocean Bank is currently offering special rates on two of its CDs: 13-month (2.65% APY) and 9-month (2.35% APY). Of the two, the 13-month APY is more competitive. Either CD can be opened with a minimum $2.5k deposit of new money, which is defined simply as “funds not currently on deposit with Ocean Bank.”
As stated on the Certificates of Deposit page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of one year or less, but more than 31 days: The fee we may impose will equal 90 days’ interest on the amount withdrawn subject to penalty.
If your account has an original maturity of more than one year: The fee we may impose will equal the remaining interest due through the maturity date with a minimum penalty of 180 days’ interest on the amount withdrawn subject to penalty.
Many thanks to DA reader, Kirkland, for posting about these Ocean Bank deals.
Availability
Headquartered in Miami, Ocean Bank’s market area includes the South Florida counties of Broward, Miami-Dade, and Palm Beach.
Opening a CD can be done at any of the 20 full-service Florida branches located in Coral Gables, Doral, Fort Lauderdale, Hialeah (2), Hollywood, Miami (9), Miami Beach, Miami Lakes, Pinecrest, West Miami, and Weston.
Ocean Bank’s online banking platform is currently limited to account management and routine banking transactions, including bill payment services.
Bank Overview
Ocean Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.29% (excellent) based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $174.04 million, an excellent annual growth rate of 5.71%. Please refer to our financial overview of Ocean Bank (FDIC Certificate # 24156) for more details.
Established in 1982 as the Ocean Bank of Miami, the Bank’s original home was a small trailer situated on the lot where the current Ocean Bank headquarters is located. With assets in excess of $3.7 billion, Ocean Bank is currently the largest independent state-chartered commercial bank headquartered in Florida. The Bank has also been the most active Small Business Administration (SBA) 504 lender in Miami-Dade County since 1995.
A March 2018 press release, stated that,
The Miami Marlins and Ocean Bank announced today the bank has become the team’s “Official Banking Partner” and features Ocean Bank as the entitlement partner of the Blue Quadrant at Marlins Park, which includes major signage at Marlins Park, along with promotional rights.
How the CD Compares
When compared to the 265 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available with the Bank’s market area, Ocean Bank’s 13-month CD APY currently ranks second.
The above rates are accurate as of 8/30/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
